Key Takeaways:
Japanese securities firm and long-standing partner of Ripple, SBI Holdings, has signed a memorandum of understanding (MoU) with Sony-backed blockchain firm Startale Group to develop and launch a fully regulated Japanese yen-denominated stablecoin in the first half of next year.
SBI is one of the largest financial firms in the country, with a market capitalization of $15 billion. Meanwhile, Startale developed the Soneium network – an Ethereum layer-2 scaling solution supported by electronics giant Sony – and is also the issuer of the Startale USD (USDSC), an institutional-grade U.S. dollar stablecoin in Japan.
The yen-pegged token, which is yet to be named, is designed for global settlement and institutional use cases. It aligns with Japan’s move to integrate digital assets with traditional finance under its updated national stablecoin framework. Both companies are targeting a share of the $300 billion stablecoin market, which is still dominated by USD-linked assets such as Tether’s USDT, Circle’s USDC, Ripple’s RLUSD, and Ethena’s USDE.
Startale Group and SBI Holdings partner to develop a fully compliant Yen stablecoin for the global market.https://t.co/Pz4ASnuMer
— Startale(@StartaleGroup) December 16, 2025
According to a joint statement released on Monday, Startale will develop the tech required for the stablecoin, including blockchain support, smart contracts, and security systems, while SBI will oversee compliance and institutional distribution. The project aims to offer programmable, on-chain settlement rails that are compatible with existing institutional systems and cross-border asset flows.
Shinsei Trust & Banking, the corporate financing arm of the SBI Shinsei Bank and a subsidiary of SBI Holdings, will handle the creation and redemption of the token and custody its reserves. Meanwhile, circulation will be managed by SBI VC Trade, a domestic crypto exchange service provider (CESP) licensed by Japan’s Financial Services Agency (FSA).
SBI and Startale aim for the yen token to serve as a “global settlement currency” in the tokenized real-world asset (RWA) space. Yoshitaka Kitao, chairman and president of SBI Holdings, said in the release that the token will function as a core infrastructure for digital financial services integrated with traditional finance in Japan.
“By circulating it both domestically and internationally, we aim to dramatically accelerate the movement toward providing digital financial services that are fully integrated with traditional finance,” said Kitao.
Meanwhile, Startale CEO Sota Wantanbe said the main aim of the strategic partnership is to make Japan the “centre of the on-chain revolution”. He also noted that the transition to a “token economy” where all real-world assets are tokenized is now an irreversible social trend.
The upcoming yen stablecoin will sit alongside Startale’s USDSC stablecoin, which is deployed on the Soneium network and available to use via the Startale App. Currently, the institutional-grade dollar token supports liquidity, rewards, and payments on the blockchain.
The yen token and USDSC will work together as a “complementary currency stack” for a planned 24/7 tokenized stock exchange that SBI and Startale are building, designed to allow around-the-clock trading, settlement, and asset distribution in digital environments. While USDC anchors dollar liquidity, the yen coin will provide the leg for tokenized asset flows and foreign exchange.
“Our yen-denominated stabecoin is not just a means of everyday payment – it will play a central role in a fully on-chain world. In particular, we see enormous potential in enabling payments between AI agents and powering distributions for tokenized assets, both of which will soon become reality,” Wantabe added.
This is also not SBI’s first time working with stablecoins. In August, the company partnered with U.S.-based fintech and enterprise blockchain firm Ripple to bring Ripple USD (RLUSD) to Japan in 2026.
The initiative aligns with Japan’s new stablecoin regulation and the FSA’s Payment Innovation Project, under the banner of which Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho are conducting a joint pilot for a yen stablecoin that is pitched as a programmable token for cross-border payments and tokenized RWAs.
The framework permits banks and licensed trust institutions in the country to issue fiat-denominated tokens under the regulator’s oversight.
In October, the FSA approved JPYC as the country’s first yen-pegged stablecoin, issued by Tokyo-based fintech firm JPYC Inc. The company was officially registered as a funds transfer service provider under the Payment Services Act in August, which authorized it to issue the token. JYPC is designed to maintain a 1:1 peg with the yen and is fully backed by reserves held in yen-denominated bank deposits and Japanese Government Bonds (JGBs). The stablecoin is available on multiple blockchains, including Ethereum, Avalanche, and Polygon, enabling fast, low-cost, and borderless transactions for domestic and international use.
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