Financial conglomerate SBI Holdings and Web3 infrastructure firm Startale Group have signed a memorandum of understanding to develop a fully regulated yen stablecoin, with a launch planned for the second quarter of 2026. Yoshitaka Kitao, representative director and chairman of SBI Holdings, highlighted that this coin will serve as a fundamental foundation for the country’s transition towards an integrated digital economy, accelerating the convergence between traditional finance and new technological financial services.
Under the terms of the strategic agreement, the project will be issued and redeemed by Shinsei Trust & Banking, a wholly-owned subsidiary of SBI Shinsei Bank, thus ensuring institutional trust. In parallel, the licensed crypto asset exchange service provider, SBI VC Trade, will be responsible for supporting the asset’s circulation in the market, focusing on facilitating efficient cross-border settlement and the robust development of tokenized asset markets.
On the other hand, this initiative emerges at a crucial moment as Japan accelerates its efforts to formalize stablecoin issuance under a clear regulatory framework supervised by the Financial Services Agency (FSA). Recently, the regulator launched the “Payment Innovation Project,” a regulatory sandbox where the country’s three megabanks, MUFG, SMBC, and Mizuho, initiated similar pilots backing yen-denominated stablecoins, positioning trust entities at the center of on-chain settlement infrastructure.
Will this digital infrastructure redefine Japan’s financial leadership in blockchain?
Likewise, the joint effort by Startale and SBI intends to complement pilots led by other banks by introducing a programmable digital yen specifically designed for real-world asset (RWA) flows. SBI has emerged as a central player in Japan’s evolving landscape, pursuing a multicurrency strategy that spans assets denominated in both dollars and yen, as evidenced by the integration of USDC into its exchange platform last March following the easing of local rules.
Furthermore, the firm continues advancing its stablecoin integrations, having previously announced a partnership with Ripple to bring its RLUSD stablecoin to Japan in early 2026 through SBI VC Trade. This diversified strategy seeks to offer institutions and users a variety of regulated options for enterprise use cases, consolidating a financial ecosystem that is both secure and innovative for global market participants.
Finally, the project remains subject to relevant regulatory approvals and the completion of necessary compliance frameworks before its official deployment. It is expected that this new tool will dramatically accelerate the movement toward fully integrated digital financial services, providing a reliable solution for the settlement of tokenized equities and international transactions, thus marking a significant milestone in fintech adoption in the Asian region.
