SBI Group Issues JPYSC Yen Stablecoin After Regulatory Approval, Eyes Institutional Adoption

SBI Group is preparing to issue JPYSC, Japan's first trust bank-backed yen stablecoin, following regulatory approval in Q2 2026. The stablecoin, created via Shinsei Trust & Banking, holds Type III electronic payment instrument status and targets institutional use for large-volume settlements, treasury operations, and tokenized assets.

JPYSC faces significant competition from dollar-pegged stablecoins. Tether (USDT) commands $186 billion in market capitalization, accounting for approximately 59% of the $315 billion global stablecoin market, while USD Coin (USDC) holds an additional $74 billion. The stablecoin's success will depend on institutional adoption and cross-border transaction volumes to demonstrate competitive advantages over existing dollar-based liquidity.