Japan’s SBI Holdings to launch yen-pegged stablecoin with Startale
SBI Holdings, a Tokyo-listed financial conglomerate, has entered into a partnership with local blockchain firm Startale Group to launch a Japanese yen-denominated stablecoin. The two companies will leverage SBI's established position as a primary financial institution in Japan and Startale's Web3 experience, including its role in co-developing the Sony-backed Soneium network. "The transition to a 'token economy' is now an irreversible societal trend," said Yoshitaka Kitao, Chairman and President of SBI Holdings. "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."The yet-unnamed stablecoin is expected to launch in the second quarter of 2026. The two companies describe the project as a fully regulated, purpose-built token for global settlement and institutional adoption.Shinsei Trust & Banking, a subsidiary of SBI Shinsei Bank, plans to handle the issuance and redemption of the stablecoin. SBI VC Trade, a licensed Crypto Asset Exchange Service Provider, will facilitate the circulation of the token.Startale itself has recently launched Startale USD (USDSC), an institutional-grade dollar stablecoin for payments, rewards, and liquidity across Soneium. The upcoming yen stablecoin and USDSC are expected to form a "complementary currency stack" for Startale-SBI's upcoming 24/7 tokenized stock exchange."Our yen-denominated stablecoin is not just a means of everyday payment - it will play a central role in a fully on-chain world," said Sota Watanabe, CEO of Startale. "In particular, we see enormous potential in enabling payments between AI agents and powering distributions for tokenized assets, both of which will soon become reality."SBI also has previous experience with stablecoins. The company announced in August that it partnered with Ripple to introduce Ripple USD (RLUSD) to the Japanese market in 2026.Startale and SBI's upcoming project aligns with local efforts to establish and promote a yen-pegged stablecoin market. Japan's Financial Services Agency has recently approved the local project JPYC to launch as the country's first yen stablecoin, while expressing support for a joint stablecoin project involving three major banks: Mizuho Bank, MUFG, and SMBC.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.