JPYSC

JPYSC is a Japanese yen stablecoin issued by SBI Shinsei Trust and Banking, in partnership with Startale Group. It is described as the first yen stablecoin backed by a trust bank and issued under Japan's Electronic Payment Instruments framework.

How JPYSC works

Japan established a specific legal category for stablecoins through amendments to its Payment Services Act, which came into effect in 2023. Under that framework, yen-denominated payment stablecoins may only be issued by licensed banks, trust companies, or registered money transfer agents, and the backing assets must be held in a manner that protects holders. JPYSC uses a trust structure, meaning the assets backing the token are held in trust and legally separated from the issuer's own balance sheet, which is a stronger protection than a simple corporate reserve.

The token is pegged one to one to the yen and is issued on Ethereum according to its categorisation. There is no maximum supply; tokens are minted and redeemed according to demand, with roughly 20.6 billion units currently outstanding, reflecting the yen's smaller unit value relative to the dollar.

Role in the ecosystem

Non-dollar stablecoins remain a small fraction of the overall market, but they matter for domestic payment use cases where currency conversion would otherwise be required. Japan's regulatory framework is among the more clearly defined internationally, and JPYSC is a direct product of it. Its adoption depends on integration with Japanese payment and settlement systems rather than on crypto trading demand. The unit count is large because the yen trades at a far smaller value per unit than the dollar, so a given amount of value corresponds to many more tokens.