SBI Group, one of Japan’s largest financial institutions, has launched JPYSC — the country’s first stablecoin backed by a trust bank. The move marks a significant step in Japan’s evolving crypto regulatory landscape.
JPYSC’s availability will be limited to SBI VC Trade accounts for now. The company says it’s waiting for clearer regulatory and tax treatment of stablecoins before rolling out broader access. That cautious approach reflects the uncertainty that still surrounds digital asset classification in Japan.
Trust bank-backed stablecoins occupy a specific niche. Unlike issuer-backed stablecoins where a single company holds reserves, trust bank models use a regulated financial institution to custody the underlying assets. Japan’s framework has been moving toward this structure, and SBI’s launch could set a precedent for other financial firms eyeing the stablecoin market.
