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SBI Group is days away from launching JPYSC, Japan’s most ambitious yen stablecoin yet. The project lends credence to the predictions that non-USD stablecoins could be the next frontier in Crypto.
JPYSC has received approval from the Financial Services Agency and will be issued through Shinsei Trust Bank. Distribution will be handled by SBI VC Trade, with technical development led together with Singapore-based Startale Group.
SBIがステーブルコイン発行へ、金融庁が承認 信託型で国内初https://t.co/vGpeEq9OhO
— 日本経済新聞 電子版（日経電子版） (@nikkei) June 23, 2026
Unlike earlier yen stablecoins such as JPYC which debuted in October 2025, JPYSC is not bogged down with a 1 million yen cap on transfers or balances. This Type 3 electronic payment instrument status opens the door to large institutional payments, corporate treasury use, and cross-border settlement at a scale not seen before in Japan’s stablecoin market.
SBI has not yet revealed which blockchain JPYSC will run on. However, this choice could prove critical. Not only does it directly affect transaction speed, it also affects fees, liquidity, security, and how easily institutions and users can access it. Therefore, the blockchain a stablecoin runs on can make or break its success.
When a stablecoin is well-supported with strong DeFi integration, wide exchange listings, and high user activity, growth is faster. On the other hand, high fees, limited liquidity, or weak ecosystem support can lead to slow adoption. It’s why many leading stablecoins now use a multi-chain approach to reach more users and tap into different liquidity pools.
For JPYSC, SBI’s choice of blockchain will be one of the most important decisions shaping its real-world utility and growth potential. Possible options have been listed as Sony’s Ethereum layer-2 Soneium, Startale’s own institutional Layer-1 Strium, or the XRP Ledger, given SBI’s long-standing ties to Ripple.
None of these options are without its strength. An Ethereum L2 would bring strong DeFi compatibility and institutional familiarity. A new layer-1 could give SBI full control but would need to prove itself at scale. The XRP Ledger, which recently added AI powered payments to its list of features, would add JPYSC alongside RLUSD, creating a multi-currency institutional settlement layer backed by one of Japan’s largest financial groups.
JPYSC is part of SBI’s broader digital finance strategy, which spans stablecoins, tokenized assets, crypto exchanges, and traditional banking services. The group already distributes RLUSD and operates regulated digital asset infrastructure. Adding a yen-backed stablecoin would strengthen its position in payments and settlement.
Japan’s largest banks, including MUFG, Mizuho, and SMBC, are developing their own stablecoin projects under the same regulatory framework, but SBI currently enjoys a first-mover advantage through its existing distribution network and crypto ecosystem.
JPYSC’s launch marks a significant step for regulated yen stablecoins in Japan. Backed by established financial institutions and regulatory approval, it enters the market with advantages earlier projects lacked. The remaining question is which blockchain SBI will choose to power the stablecoin — a decision that could shape its adoption, utility, and institutional appeal. For now, the project reinforces Japan’s growing role in the global stablecoin market.
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