JPYSC (SBI Shinsei Trust)
JPYSC is a yen stablecoin issued by SBI Shinsei Trust Bank. The backing yen sits in a segregated trust account, and holders carry a direct claim on it under Japanese trust law. SBI Holdings and Startale Group developed the token together and launched it in June 2026 with 10 billion yen of initial issuance on Ethereum. It is the first Japanese stablecoin issued through a trust, which frees it from the one million yen per-transfer cap that applies to the other domestic type. Trading runs inside SBI VC Trade accounts for now, and the issuer plans to allow transfers on public blockchains once the tax and regulatory treatment is settled.
Japan's first trust-type yen stablecoin, issued by SBI Shinsei Trust Bank and launched on 24 June 2026 with 10 billion yen of initial issuance. The trust gives holders a direct legal claim on the backing yen, the strongest reserve protection among the bank-issued wrappers. It cannot leave SBI VC Trade accounts yet, which caps sovereignty at the bottom of the class.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x3.0
A single trust bank issues (IM-01 1), with no debt and full reserving in cash and liquid yen instruments (IM-02 5). Backing is financial, not tied to real economic activity (IM-03 2). No issuance ceiling is stated and supply follows demand (IM-04 3). Redemption exists but only through the operator's platform (IM-05 3). Category average 2.8.
Spending Power Stability2x3.0
The trust holds one yen per token and SBI VC Trade quotes a fixed 1 JPYSC = 1 JPY inside the account (SPS-01 3). The benchmark is the yen, a low-inflation reference (SPS-02 3). The trust structure and white paper are documented, though the issuer's own document site did not answer from here (SPS-03 3). Two months live (SPS-04 3). Short-term parity only (SPS-05 3). Access requires an SBI VC Trade account in Japan, so the mechanism is not globally accessible (SPS-06 1). Weighted 2.8.
Fiat Independence & Interoperability2x1.0
Pegged 1:1 to the yen (FI-01 1) with reserves entirely in yen and yen instruments (FI-02 1), held by a trust bank (FI-03 1). No path away from fiat and no local-currency composability (FI-04 to FI-07 all 1). Ethereum issuance exists but tokens cannot leave the platform, so there is no live interoperability at all (FI-08 1). Weighted 1.0.
Traction2x2.0
Live since 24 June 2026 (TR-01 5, TR-02 1) with 10 billion yen seeded, the largest reserve of the three bank stablecoins filed this run (TR-03 2). No business accepts it, because it cannot leave SBI VC Trade accounts (TR-04 1). The yen is the unit of account (TR-05 1). SBI's leadership is publicly committed (TR-06 5), with Startale Group and SBI VC Trade as named partners (TR-07 4), and Japan's FSA register lists it as one of three instruments a licensed operator may handle (TR-08 4). Adoption is platform-led (TR-09 2, TR-10 2, TR-11 2). Weighted 2.3.
Sovereignty1.0
SBI Shinsei Trust Bank can end issuance on its own (SO-01 1) under a single national regime (SO-03 1). Holders cannot self-custody: tokens stay inside SBI VC Trade and cannot be withdrawn to a wallet, so the operator custodies everything (SO-04 1) and the infrastructure is closed to users (SO-02 1). Transactions can be blocked and carry no privacy (SO-07 1, SO-08 1), and no code constraint binds the issuer (SO-09 1). Group scale removes key-person risk (SO-05 4). Weighted 1.2, the lowest sovereignty score in the regulated wrapper class, and it follows directly from the closed platform.
Governance2.0
SBI Group and the trust bank decide (GO-01 2, GO-02 1, GO-04 1). The trust structure, issuer and white paper are disclosed publicly (GO-03 3). Japanese trust law and Type III electronic payment instrument rules bind the issuance and backing rules and make changes a regulated matter (GO-07 3, GO-08 3). Weighted 2.2.
Resilience2.0
Two months live with no stress event (RE-01 2) on a single chain inside a single platform (RE-02 2). The trust gives holders a direct legal claim on segregated assets, which is the strongest reserve protection of the three bank stablecoins filed this run (RE-06 4). Recovery and maintainability are ordinary for the class (RE-03 3, RE-04 3). The float does not fund the operation and SBI Group carries it (RE-07 3). Weighted 2.4.
Inclusivity2.0
Any SBI VC Trade customer can buy it and the trust type removes the one million yen per-transfer cap that limits the other Japanese stablecoin type. Access still requires a Japanese exchange account, so reach is national and platform-bound.