SBI Holdings and Startale launched the Japanese yen stablecoin JPYSC, with plans to launch it in the second quarter.

Japanese financial group SBI Holdings and Startale Group announced the launch of JPYSC, a yen-denominated stablecoin, targeting institutional and cross-border payment scenarios. The stablecoin is issued and managed by SBI Shinsei Trust Bank, complies with Japan's digital asset regulatory framework, and SBI's trading platform, SBI VC Trade, will serve as the primary distribution channel, while Startale will handle technology development. Both parties stated that the trust bank support model will help improve governance and compliance, promote the application of the yen in the digital financial system, and provide a compliant alternative to the current market dominated by dollar-denominated stablecoins. The project is expected to launch in the second quarter of this year after obtaining regulatory approval. In recent years, Japan has continuously promoted the development of its stablecoin system. The 2022 revision of the Payment Services Law defined fiat-pegged stablecoins as "electronic payment instruments"; last October, Japan approved JPYC's issuance of the yen-denominated stablecoin. The three major banks, MUFG, SMBC, and Mizuho, ​​have also launched pilot programs for stablecoins and tokenized deposits. (The Block)