SBI Group Introduces JPYSC Yen‑Pegged Stablecoin, Blockchain Infrastructure Yet to Be Confirmed

• Japan’s SBI Group together with Singapore’s Startale Group has introduced JPYSC, a trust‑type stablecoin pegged one‑to‑one with the Japanese yen.
• The token is expected to operate on SBI and Startale’s Strium Layer‑1 blockchain or on Ethereum during its initial launch.
• SBI’s enduring partnership with Ripple suggests that JPYSC may eventually be issued on the XRP Ledger following its public expansion.

SBI Group and Startale Group have soft‑launched the JPYSC stablecoin, which is pegged one‑to‑one with the yen and employs a trust‑type structure.

Initially, the token will be available only to SBI VC Trade account holders, while the partners plan a public rollout in the near term.

Key Features of SBI Group’s JPYSC Stablecoin

On Wednesday, Japan‑based financial services firm SBI Group announced a limited launch of the JPYSC stablecoin. The issuance involves SBI Holdings subsidiaries, including SBI Shinsei Bank Ltd., SBI Shinsei Trust Bank Ltd., and SBI VC Trade Co. Ltd.

The digital asset is maintained at a one‑to‑one peg with the Japanese yen. SBI collaborated with Singapore‑based Web3 infrastructure firm Startale on its development, and SBI Shinsei Trust Bank acts as the issuer.

JPYSC differs from conventional stablecoins such as Tether’s USDT and Circle’s USDC through its trust‑type design, under which a trust bank oversees the underlying assets and imposes no 1 million‑yen cap on holdings or transfers.

Furthermore, the stablecoin complies with Japan’s revised Payment Services Act, adhering to the country’s stringent consumer protection regulations. Its legal protection is tied to segregated reserves managed by the bank.

Leveraging blockchain technology, the asset incurs markedly lower transaction fees than traditional fiat or online payments, delivers near‑real‑time settlement, and supports high‑volume transfers.

SBI and Startale intend to broaden JPYSC’s availability beyond the SBI VC Trade platform to a global audience through a public blockchain, pending the completion of required legal and regulatory filings. They also plan to facilitate exchanges with US‑dollar‑denominated stablecoins and other instruments in the future.

Does JPYSC Use XRP Ledger?

SBI did not disclose the blockchain underpinning JPYSC in its announcement. Because of its long‑standing relationship with Ripple and its connections to XRP, market participants have speculated that the stablecoin could be built on the XRP Ledger (XRPL).

Nevertheless, it is important to note that Startale, SBI’s partner for JPYSC, is a core developer active in the Ethereum (ETH) and Polkadot (DOT) ecosystems. In February, the two companies launched Strium Network, a Layer‑1 blockchain designed for real‑world asset tokenization, thereby excluding XRPL for the time being.

Although JPYSC is slated to operate on Strium and Ethereum – potentially also Polkadot – SBI’s foundational ties to Ripple make the XRP Ledger a strong candidate for its cross‑border remittance and B2B settlement applications once public expansion is realized.

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