Deployments · platform by SBI Shinsei Trust & Banking
JPYSC trust-type yen stablecoin (SBI Shinsei Trust & Banking)Updated 7 Nov 2026
A yen stablecoin issued by SBI Shinsei Trust & Banking under a trust structure, co-developed with Startale Group and distributed by SBI VC Trade. SBI says it is Japan's first trust-type stablecoin classed as an electronic payment instrument, which frees it from the ¥1 million holding and transfer limit on fund-transfer-type coins. Issuance began on 24 June 2026, but for now it can only be held inside SBI VC Trade accounts and cannot be withdrawn to outside wallets until legal and tax treatment is settled. DefiLlama shows about ¥20 billion of supply on Ethereum in October 2026.
Live (limited) since 24 Jun 2026[1] — Restricted to use within SBI VC Trade accounts; no external transfers yet. · Reviewed 21d ago
- Assets
- Use cases
- Primary issuance[3]Domestic payments[1]Merchant payments[1]Delivery versus payment (DvP)[1]Cross-border payments[1]
- Jurisdictions
- Japan
Participants
- SBI Shinsei Trust & BankingPlatform provider, Issuer[1]Japan
- SBI VC TradeDistributor[1]Japan
- Startale GroupTechnology provider[1]Singapore
Operates under
- Japan Payment Services Act stablecoin framework (electronic payment instruments)Japan · Primary legislation[1]
Likely relevant regulation
Assets
- IssuesJPYSC (JPYSC)[1]
Metrics
- ¥20.04bnTokens in circulation · as of 11 Oct 2026 · on Ethereum[3]Held within SBI VC Trade accounts, as external withdrawals are not yet allowed.
- ~¥20.23bnSupply on chain (daily) · as of 7 Nov 2026[4]Automated daily reading of on-chain supply across all chains.
- ~¥20.23bnSupply on chain (daily) · as of 7 Nov 2026 · on Ethereum[4]Automated daily reading.
Timeline
- Happened 24 Jun 2026 · Launch · recorded 12 Oct 2026SBI Shinsei Trust & Banking issues JPYSC; it is offered first inside SBI VC Trade accounts only.[1]
- Happened 26 Feb 2026 · Announcement · recorded 12 Oct 2026SBI Holdings and Startale Group unveil JPYSC, a trust bank-backed yen stablecoin, targeting launch in the second quarter of 2026.[2]
Sources
- [1]SBIグループおよびStartale Groupによる、国内初の信託型円建てステーブルコイン「JPYSC」の提供開始に関するお知らせ — SBI Holdings, SBI Shinsei Bank, SBI Shinsei Trust & Banking, SBI VC Trade and Startale Group (joint release), 24 Jun 2026. Accessed 12 Oct 2026. In Japanese; our summary is translated.B
- [2]SBI Holdings unveils trust bank-backed JPY stablecoin with Q2 launch target — The Block, 26 Feb 2026. Accessed 12 Oct 2026.C
- [3]JPYSC stablecoin data — DefiLlama. Accessed 12 Oct 2026. Circulating supply on Ethereum, latest data point 2026-10-11..A
- [4]Supply by chain, read daily — DefiLlama (automated daily refresh). Accessed 7 Nov 2026.A
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