Japanese financial conglomerate SBI Holdings and Web3 infrastructure company Startale Group have entered into a memorandum of understanding (MoU) to create a fully regulated stablecoin denominated in Japanese yen, aimed at tokenized asset markets and global settlement, as stated in a press release shared with Cointelegraph.
According to the MoU, the stablecoin will be issued and redeemed by Shinsei Trust & Banking, a wholly-owned subsidiary of SBI Shinsei Bank. Additionally, SBI VC Trade, a licensed crypto asset exchange service provider, will facilitate the stablecoin’s circulation.
Yoshitaka Kitao, representative director, chairman, and president of SBI Holdings, remarked that the issuance of a yen-denominated stablecoin with Startale will pave the way for the country’s transition into a token economy.
“By circulating it both domestically and globally, we aim to significantly fast-track the provision of digital financial services that are seamlessly integrated with traditional finance,” he stated.
The stablecoin is anticipated to launch in the second quarter of 2026, pending regulatory approvals and the establishment of compliance frameworks.
Japan accelerates stablecoin efforts
This initiative coincides with Japan’s acceleration of efforts to formalize stablecoin issuance within a clear regulatory framework, placing trust banks and licensed entities at the core of on-chain settlement infrastructure.
Japan’s Financial Services Agency (FSA), the regulatory body governing banking, securities, exchange, and insurance sectors, recently launched its Payment Innovation Project, a regulatory sandbox for blockchain-based payments.
The program’s initial pilot is supported by yen-denominated stablecoins issued by three major banks in the country: Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corp. (SMBC), and Mizuho Bank.
In this context, the collaboration between Startale and SBI aims to enhance bank-led pilots by offering a programmable, trust-bank-issued digital yen tailored for cross-border settlements, tokenized equities, and real-world asset (RWA) flows.
Related: South Korean regulator misses stablecoin bill deadline: What’s next?
SBI advances stablecoin integrations
SBI has emerged as a key player in Japan’s developing stablecoin ecosystem, pursuing a multicurrency strategy that encompasses both dollar and yen-denominated assets.
In March, SBI VC Trade integrated Circle’s USDC stablecoin into its exchange platform as Japan relaxed its stablecoin regulations. This positioned the exchange among the first platforms in Japan to offer trading in USDC.
On Aug. 21, Ripple announced plans to introduce its RLUSD stablecoin to Japan in early 2026 through a partnership with SBI VC Trade, aiming to provide institutions and users with a regulated stablecoin tailored for enterprise use cases.
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