Startale has partnered with SBI to launch a regulated stable currency in the Japanese yen currency

The Japanese blockchain company Startale Group and the financial group SBI Holdings have agreed to jointly develop a regulated yen-based stable coin. Both parties have signed a memorandum of understanding, formally establishing this initiative.

● Startale and SBI have signed a memorandum of understanding aimed at creating a regulated yen-based stable coin under Japanese banking regulations.

● The yen-based stable coin will be issued by a trust bank and distributed through SBI’s authorized exchanges.

● With the global stable coin market value exceeding $300 billion, Japan plans to increase the use of the yen in cross-border transactions.

This project is scheduled to be launched in the second quarter of 2026, but requires regulatory approval from Japan’s Financial Services Agency. Both companies indicate that the token will be issued in accordance with Japanese stable coin regulations, which require stable coins to be fully backed by legal tender held by licensed financial institutions.

Startale and SBI are collaborating to launch a regulated yen-based stable coin (Source: X)

Unlike consumer-oriented payment tokens, the planned stable coin is designed to serve institutional settlements, corporate financing, and cross-border transactions. Partners describe it as a digital settlement tool, rather than a retail payment instrument, and emphasize its potential role in regulated market infrastructure.

Issuance and market access are being managed by banks.

According to the agreed-upon framework between both parties, the issuance and redemption of stablecoins will be managed by SBI New Generation Bank’s subsidiary, New Generation Trust Bank. This trust bank will hold yen reserves that support stablecoins, thereby ensuring compliance with Japanese regulations requiring stablecoins to be issued by regulated entities.

Additionally, distribution and trading activities will be overseen by SBI VC Trade, a licensed cryptocurrency exchange under the group. As a registered service provider for digital asset trading, SBI VC Trade can operate in accordance with Japanese laws regarding the circulation of digital assets.

On the other hand, Startale will be responsible for building the blockchain infrastructure. This includes managing smart contracts related to the issuance and redemption of stablecoins, as well as implementing compliance measures to meet both Japanese and international regulatory standards. Both companies stated that the system will emphasize traceability and operational transparency.

Yoshitaka Kitao, Chairman and President of SBI Holdings, noted that this project reflects the broader changes taking place in the financial market. He pointed out that token-based currencies are increasingly being developed within regulated banking systems, rather than outside them, especially given the growing demand from institutions.

In markets dominated by the US dollar, the yen serves as an alternative option.

Stablecoins have become a crucial component of global digital finance. Currently, their total circulating supply exceeds $300 billion, with most of this supply tied to the US dollar, used for trading, settlement, and liquidity management.

However, this new initiative aims to enhance the role of the Japanese yen in this field. By issuing regulated Japanese yen-based currency, these companies plan to support needs related to currency diversification or maintaining consistent settlement processes with Japanese counterparties.

This stable currency is expected to be used in areas such as cross-border corporate payments, digital asset settlements, and corporate financing operations. According to the companies involved, this stable currency is not intended for speculative trading or everyday consumption.

Startale’s CEO, Takashi Watanabe, emphasized that this token is being developed as part of financial infrastructure. He outlined its potential applications, including the distribution of tokenized assets, automated settlement processes, and institutional payment systems that can utilize programmable digital currencies within regulatory limits.

Japan’s regulatory framework and industry positioning are quite structured. The Financial Services Agency allows only banks and trust companies to issue stable currencies, and strict requirements are placed on reserve management and consumer protection.

Several large Japanese banks, including Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, and Mizuho Financial Group, have already tested Japanese digital currency projects through regulatory sandbox programs. In early 2025, startup JPYC launched a regulated Japanese yen-linked stable currency, providing an early example of currency issuance that complies with Japanese laws.

无论如何，对于SBI Holdings而言，该项目符合其更广泛的数字资产战略，该战略涵盖加密货币交易所运营、区块链基础设施以及与全球合作伙伴的稳定币整合。对于Startale而言，该项目是其近期在受监管数字货币领域开展工作的一部分，其中包括在索尼Soneium区块链网络上开发的美元支持的稳定币。

在正式上线前，日元稳定币将接受监管审查、技术审计和运营测试。随着项目推进部署，市场参与者预计将重点关注储备透明度、系统安全性和机构接受度。

随着日本继续正式确立其在数字金融领域的地位，这项联合行动体现了将国家货币结算整合到基于区块链的系统中的有意尝试，同时又不超出既定的金融监管范围。