JPYSC

Backed by a trust bank rather than a fintech, JPYSC launched in June 2026 as the first yen stablecoin issued under Japan's trust model, with SBI Shinsei Trust and Banking holding the reserves and SBI VC Trade handling distribution. It is classified as a Type III Electronic Payment Instrument under the Payment Services Act. The trust structure shapes the holder's right: reserve assets sit in a segregated, bankruptcy-remote account, and a token holder carries a direct legal claim under trust law to the underlying yen, redeemable one-to-one. Reserves can be held in cash and Japanese government bonds. By removing the one-million-yen ceiling that constrained earlier attempts, JPYSC is aimed at institutional-scale settlement and tokenized real-world-asset flows rather than only small retail transfers. It launched first on Ethereum.