Japanese financial conglomerate SBI Holdings and Web3 infrastructure company Startale Group have signed a memorandum of understanding (MoU) to develop a fully regulated Japanese yen-denominated stablecoin, targeting tokenized asset markets and global settlement, the companies said in a press release shared with Cointelegraph.
Under the MoU, the project will be issued and redeemed by Shinsei Trust & Banking, a wholly-owned subsidiary of SBI Shinsei Bank. At the same time, the licensed crypto asset exchange service provider, SBI VC Trade, will support circulation of the stablecoin.
Yoshitaka Kitao, the representative director, chairman and president of SBI Holdings, said that issuing a yen-denominated stablecoin with Startale will serve as a foundation for the country’s transition into a token economy.
“By circulating it both domestically and globally, we aim to dramatically accelerate the movement toward 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 the completion of compliance frameworks.
Japan accelerates stablecoin efforts
The initiative comes as Japan accelerates efforts to formalize stablecoin issuance under a clear regulatory framework, positioning trust banks and licensed entities at the center of onchain settlement infrastructure.
Japan’s Financial Services Agency (FSA), the regulator responsible for banking, securities and exchange and insurance sectors, recently launched its Payment Innovation Project, a regulatory sandbox for blockchain-based payments.
The program’s first official pilot backed yen-denominated stablecoins issued by three of the country’s megabanks, which are Mitsubishi UFJ Financial Group (MUFG), Bank Sumitomo Mitsui Banking Corp. (SMBC) and Mizuho Bank.
Against this backdrop, the Startale and SBI effort intends to complement bank-led pilots by introducing a programmable, trust-bank-issued digital yen designed for cross-border settlement, tokenized equities and real-world asset (RWA) flows.
Related: South Korean regulator misses stablecoin bill deadline: What’s next?
SBI advances stablecoin integrations
SBI emerged as a central player in Japan’s evolving stablecoin landscape, pursuing a multicurrency strategy that spans both dollar and yen-denominated assets.
In March, SBI VC Trade integrated Circle’s USDC stablecoin into its exchange platform as the country softened its stablecoin rules. This means that the exchange was among the first platforms in Japan to offer crypto trading in USDC.
On Aug. 21, Ripple announced that it was bringing its RLUSD stablecoin to Japan in early 2026 through a partnership with SBI VC Trade. The company said it would offer institutions and users a regulated stablecoin designed for enterprise use cases.
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