Cabinet
レポート一覧に戻る
Stablecoin
Trust-based Financial Products
Corporate Payments
Blockchain Technology
Regulatory Compliance
Fireside Crypto
2026年06月24日

A "Digital Yen" Without Limits: How SBI's JPYSC Targets Institutional On-Chain Settlement

上限なき「信託型デジタル円」JPYSC誕生——SBIが描く法人・機関決済のオンチェーン戦略

What Was Launched

On June 24, 2026, SBI Holdings, SBI Shinsei Bank, SBI Shinsei Trust Bank, SBI VC Trade, and Singapore-based Startale Group (CEO Sota Watanabe; an equity-method affiliate of SBI) issued the trust-type yen stablecoin "JPYSC." SBI Shinsei Trust Bank is the issuer, while SBI VC Trade handles distribution and sales. The token is issued on Ethereum, with 10 billion JPYSC (roughly 10 billion yen) planned for the first day, designed to track 1 JPYSC = 1 JPY.

Legal Nature: Japan's First "Type-3 Electronic Payment Instrument"

JPYSC's defining feature is its legal structure. Under the revised Payment Services Act, it is classified as a "Type-3 electronic payment instrument" (a specified trust beneficiary right) issued by a trust bank—the first of its kind in Japan. SBI Shinsei Trust Bank manages the backing assets in bank deposits and Japanese government bonds, segregated from the trustee's bankruptcy. Holders carry a direct legal claim to the underlying yen under trust law. No interest or dividend is paid, and the redemption fee is set at 3,000 yen per request (excluding tax).

The Decisive Difference From JPYC

"JPYC," issued on October 27, 2025 by JPYC Inc. (CEO Noritaka Okabe), is a fund-transfer-type "Type-1 electronic payment instrument" subject to a 1-million-yen cap per issuance/redemption against fiat. JPYSC, being trust-type, has no monetary cap on holdings, trading, or withdrawals. This enables large-value transfers and B2B settlement, clearly separating its target users from the retail-oriented JPYC. The two are less direct competitors than symbols of a two-tier yen stablecoin market.

GTM Strategy: From Walled Garden to Phased Opening

At launch, JPYSC is restricted to use within SBI VC Trade accounts, with no withdrawal to external wallets, because tax and accounting treatment remains unsettled. Once clarified, and subject to regulator confirmation, the issuers plan to migrate to public-chain circulation. A lending service is also slated to begin soon. SBI envisions six use cases: (1) on-chain FX (yen-dollar liquidity pools), (2) institutional lending and on-chain carry trades, (3) settlement of RWAs/tokenized assets, (4) retail domestic payments and merchant settlement, (5) cross-border remittance, and (6) OTC and institutional liquidity. Global corporate use via swaps with USD stablecoins is also in scope. Underpinning this, Startale raised roughly 8 billion yen from SBI in 2026 (a Series A totaling about 10 billion yen) and is advancing vertical integration alongside its financial chain "Strium."

[Business Development Insights]

  1. Removing the cap unlocks an entirely new demand layer—corporate and institutional. With the 1-million-yen limit gone, large-value, high-frequency settlement needs such as treasury operations, B2B payments, and cross-border FX—structurally beyond reach for prior retail-type stablecoins—are now addressable for the first time, reshaping the competitive axis in B2B payments.
  2. The "launch inside the home ecosystem, then open to public chains" phased GTM can become a default playbook under regulatory uncertainty. Cultivating liquidity and use cases in a closed in-account environment before tax/legal rules harden, then expanding outward, balances risk management with speed—a valuable design reference for launching novel financial instruments.
  3. The JPYC–JPYSC division of roles creates a two-tier yen stablecoin market. With retail × fund-transfer-type (JPYC) coexisting alongside corporate/institutional × trust-type (JPYSC), businesses gain use-case-specific choices plus adjacent opportunities in bridges, liquidity pools, and payment UX connecting the two tokens.

[Sources]

Supervisor

Akihisa Ishida

Cabinet Inc. Founder CEO

Since 2017, He has been consistently engaged in token and NFT utilization, blockchain game planning and development, and NFT-based business development. Having contributed to over 80 blockchain products—including projects for major entertainment companies listed in Tokyo Stock Exchange —He has served in various key roles such as Business Lead, Designer, PM, and Advisor. In 2021, founded Cabinet Inc.

Disclaimer

This report has been prepared solely for informational purposes regarding crypto assets and related markets, and is not intended to recommend, solicit, or offer the purchase, sale, holding, or any other transaction of any specific crypto asset. It does not constitute investment advice, investment solicitation, or the sale or intermediation of financial products as defined under the Financial Instruments and Exchange Act or any other applicable laws and regulations, nor does it constitute tax, legal, or accounting advice.

The information contained in this report is based on sources believed to be reliable at the time of preparation; however, we make no representation or warranty, express or implied, as to its accuracy, completeness, timeliness, or usefulness. Crypto assets are subject to significant price volatility and may result in the loss of principal or other financial losses. Any investment decision shall be made solely at the user's own discretion and responsibility, and we accept no liability whatsoever for any damages arising out of or in connection with the use of this report.

Blockchain Business Consultation

From idea-stage brainstorming and technical validation (PoC) to implementation and operations, Cabinet provides end-to-end business development consulting. Start with a free consultation today.

← Previous Article

An Insurance-Industry First: Won Stablecoin for Premiums and Claims—Kyobo Life's PoC and the Logic of Investing Ahead of Regulation

Next Article →

"Prove the Fact, Not the File": Starknet's Compliance-Ready Privacy Stack and Its Meaning for Financial Institutions

Sign Up for Newsletter

Beyond the content of this report, we will deliver the latest industry information and exclusive reports by email.