Japanese financial conglomerate SBI Holdings and Web3 infrastructure company Startail Group have signed a memorandum of understanding (MoU) to develop a fully regulated Japanese yen-denominated stablecoin targeting tokenized asset markets and global payments, the companies said in a press release shared with Cointelegraph.
Under this memorandum, the project will be issued and redeemed by Shinsei Trust Bank, a wholly-owned subsidiary of SBI Shinsei Bank. At the same time, SBI VC Trade, a licensed crypto asset exchange service provider, will support the distribution of stablecoins.
Yoshitaka Kitao, Chairman and President of SBI Holdings, said that Startail’s issuance of a yen-denominated stablecoin will form the basis of Japan’s transition to a token economy.
“By distributing this both domestically and globally, we aim to dramatically accelerate the movement towards providing digital financial services that are fully integrated with traditional finance,” he said.
The stablecoin is expected to launch in the second quarter of 2026, subject to regulatory approvals and completion of the compliance framework.
Japan accelerates stablecoin efforts
The initiative comes as Japan accelerates efforts to formalize stablecoin issuance under a clear regulatory framework, placing trust banks and licensed entities at the center of on-chain payment infrastructure.
Japan’s Financial Services Agency (FSA), which oversees the banking, securities, foreign exchange and insurance sectors, recently launched the Payment Innovation Project, a regulatory sandbox for blockchain-based payments.
The program’s first official test backed yen-denominated stablecoins issued by three domestic megabanks: Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank.
Against this backdrop, Startail and SBI’s initiative aims to complement bank-led pilots by introducing a programmable trust bank-issued digital yen designed for cross-border payments, tokenized equities, and real-world asset (RWA) flows.
Related: South Korean regulator misses deadline for stablecoin bill: what’s next?
SBI promotes stablecoin integration
SBI has emerged as a key player in Japan’s evolving stablecoin landscape, pursuing a multi-currency strategy spanning both dollar- and yen-denominated assets.
In March, SBI VC Trade integrated Circle’s USDC stablecoin into its exchange platform as the country eased its stablecoin rules. This means that this exchange is one of the first platforms in Japan to offer cryptocurrency trading in USDC.
On August 21, Ripple announced that it will bring the RLUSD stablecoin to Japan in early 2026 through a partnership with SBI VC Trade. The company said it will offer institutions and users a regulated stablecoin designed for enterprise use cases.
magazine: South Koreans ‘pump’ alternatives after Upbit hack, China BTC mining surges: Asia Express
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