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Japan's Yen Stablecoin Rollout: JPYC, JPYSC and the Megabank Project
Bottom line: yen stablecoins keep coming
Yen stablecoins gathered momentum in 2026. After JPYC — Japan's first regulated yen stablecoin — several new issuance plans have been reported.
Key points
- JPYC: Japan's first regulated yen stablecoin (trading began October 2025), designed to hold a 1:1 peg to the yen
- JPYSC: announced by SBI Holdings and Startale, a trust-type coin backed via SBI Shinsei Trust Bank, targeting a Q2 2026 launch (as reported)
- Three megabanks (MUFG, Mizuho, SMBC): reportedly working together on a yen stablecoin by the end of Japan's fiscal year 2026 (March 2027)
How each one is positioned (as reported)
- JPYC operates under a Type II funds-transfer licence and is reported to be backed by yen deposits and Japanese government bonds, with per-user issuance/redemption caps.
- JPYSC (SBI / Startale) is designed as a trust-type coin backed by a trust bank, targeting a Q2 2026 launch.
- The three megabanks — which collectively oversee a very large asset base — stand out for building shared infrastructure, with business-to-business (B2B) settlement a likely use case.
Why it matters
"Stable" does not mean zero risk
Even a yen coin depends on the issuer's credibility and reserve management, and a depeg is possible. Check who issues a coin and what backs it.
Yen stablecoins point at real payment and remittance demand, but they are still early. Each plan can change.
FAQ
Q. Will a stablecoin go up in price? A. It's designed to stay at ¥1, so it isn't a bet on price. It's a means of payment and transfer — understand what a stablecoin is.
Sources
- Japan's JPYC launches country's first yen-denominated stablecoin (reported): https://www.theblock.co/post/376199/japan-jpyc-launches-yen-stablecoin
- Japan's SBI and Startale Unveil Yen Stablecoin JPYSC Set for Q2 2026 Launch (reported): https://finance.yahoo.com/news/japan-sbi-startale-unveil-yen-104227290.html
- Japan Three Biggest Banks Unite to Launch Yen Crypto Stablecoin by March 2027 (reported): https://finance.yahoo.com/markets/crypto/articles/japan-three-biggest-banks-unite-113613500.html
Not financial advice
This reflects publicly reported information as of June 2026 and is not investment advice. Rules and company moves can change — confirm the latest with official sources.
This article is informational only and is not financial, investment, or trading advice. Prices are reference snapshots and may be outdated. Always do your own research.