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Startale Group and SBI Holdings signed a memorandum of understanding to develop a fully regulated yen-denominated stablecoin for global settlement and institutional use, the companies said in a press release on Monday.
The project combines Startale’s blockchain stack, including its work on the Soneium network, with SBI’s reach as one of Japan’s largest financial groups, aiming for a share of a $300 billion stablecoin market still dominated by dollar-pegged tokens.
Shinsei Trust & Banking will handle issuance and redemption, and SBI VC Trade will manage circulation as a licensed cryptoasset exchange. Startale leads technology development, including smart contracts and security, while SBI oversees compliance and institutional distribution.
Stablecoins are cryptocurrencies pegged to assets like fiat currencies or gold. They underpin much of the cryptoeconomy, serving as payment gateways and a tool for moving money across borders.
SBI Holdings Chairman and President Yoshitaka Kitao called tokenized assets and token-based settlement an “irreversible social trend” and said in the statement that the yen stablecoin is intended to serve as core infrastructure for digital financial services integrated with traditional finance.
The initiative falls under Japan’s new stablecoin rules and the FSA’s Payments Innovation Project, which already supports a joint yen stablecoin pilot by Mitsubishi UFJ, Sumitomo Mitsui and Mizuho, and is presented as a programmable digital yen for cross-border settlement and tokenized RWA.
The token will sit alongside Startale USD (USDSC), the company’s institutional-grade dollar stablecoin for Soneium and the Startale app, with USDSC anchoring dollar liquidity and the new yen currency providing the regulated yen leg for foreign exchange, settlement and flows of tokenized assets.
Launch is planned for Q2 2026, pending final regulatory approvals.
Read more: Stablecoin Adoption Is ‘Exploding’: Here’s Why Wall Street Is Going All In
