Startale Group and SBI Holdings jointly launch yen-denominated stablecoin
16 December 2025 Japan
Image: tonefotografia/stock.adobe.com
Startale Group and SBI Holdings have signed a Memorandum of Understanding (MOU) to jointly develop and launch a fully regulated Japanese yen-denominated stablecoin designed to operate as a global settlement currency.
The project brings together Startale's blockchain infrastructure expertise, including its role in co-developing the Soneium blockchain, with SBI Holdings' position as one of Japan's largest financial conglomerates.
According to the firm, they aim to offer a yen-denominated alternative in a stablecoin market now exceeding US$300 billion in circulating supply and processing trillions of dollars in onchain transactions annually, which remains heavily concentrated in US dollar assets.
Shinsei Trust & Banking — a wholly owned subsidiary of SBI Shinsei Bank — will handle issuance and redemption, while SBI VC Trade will facilitate circulation as a licensed Crypto Asset Exchange Service Provider.
Yoshitaka Kitao, representative director, chairman and president of SBI Holdings, says: “The transition to a ‘token economy’ where all real-world assets are tokenised and tokens permeate society as a means of settlement — is now an irreversible societal trend.
“As a company standing at the forefront of the financial industry, the SBI Group has pioneered various initiatives in this domain and has built a digital space ecosystem.
“By jointly issuing a yen-denominated stablecoin with the Startale Group to serve as the foundation of this infrastructure, and 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.”
Japan’s Financial Services Agency (FSA) recently established the Payment Innovation Project, a new regulatory sandbox for blockchain-based payments, and immediately backed the joint-Yen-backed stablecoin pilot by Japan’s three megabanks — Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho — as its first official test case.
The firm says that the Startale-SBI initiative is intended to complement these efforts by providing a trust-bank-issued programmable digital yen, purpose-built for global settlement and institutional adoption, while also serving as a bridge between regulated yen stablecoins and the broader onchain economy, including tokenised assets.
The FSA’s project also builds on Startale’s broader stablecoin strategy, including the recent launch of Startale USD (USDSC), an institutional-grade, USD-pegged stablecoin.
While USDSC lays the foundation for dollar-denominated payments, rewards, and liquidity across consumer and developer experiences, the firm says the new yen stablecoin developed with SBI is intended to provide the regulated yen leg for global settlement, FX, and tokenised asset flows.
Together, the two stablecoins form a complementary currency stack.
Sota Watanabe, CEO of Startale Group, adds: “Startale’s mission is to build the next civilisation by bringing the world onchain. Our yen-denominated stablecoin is not just a means of everyday payment — it will play a central role in a fully onchain world.
“In particular, we see enormous potential in enabling payments between AI agents and powering distributions for tokenised assets, both of which will soon become reality.”
The project brings together Startale's blockchain infrastructure expertise, including its role in co-developing the Soneium blockchain, with SBI Holdings' position as one of Japan's largest financial conglomerates.
According to the firm, they aim to offer a yen-denominated alternative in a stablecoin market now exceeding US$300 billion in circulating supply and processing trillions of dollars in onchain transactions annually, which remains heavily concentrated in US dollar assets.
Shinsei Trust & Banking — a wholly owned subsidiary of SBI Shinsei Bank — will handle issuance and redemption, while SBI VC Trade will facilitate circulation as a licensed Crypto Asset Exchange Service Provider.
Yoshitaka Kitao, representative director, chairman and president of SBI Holdings, says: “The transition to a ‘token economy’ where all real-world assets are tokenised and tokens permeate society as a means of settlement — is now an irreversible societal trend.
“As a company standing at the forefront of the financial industry, the SBI Group has pioneered various initiatives in this domain and has built a digital space ecosystem.
“By jointly issuing a yen-denominated stablecoin with the Startale Group to serve as the foundation of this infrastructure, and 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.”
Japan’s Financial Services Agency (FSA) recently established the Payment Innovation Project, a new regulatory sandbox for blockchain-based payments, and immediately backed the joint-Yen-backed stablecoin pilot by Japan’s three megabanks — Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho — as its first official test case.
The firm says that the Startale-SBI initiative is intended to complement these efforts by providing a trust-bank-issued programmable digital yen, purpose-built for global settlement and institutional adoption, while also serving as a bridge between regulated yen stablecoins and the broader onchain economy, including tokenised assets.
The FSA’s project also builds on Startale’s broader stablecoin strategy, including the recent launch of Startale USD (USDSC), an institutional-grade, USD-pegged stablecoin.
While USDSC lays the foundation for dollar-denominated payments, rewards, and liquidity across consumer and developer experiences, the firm says the new yen stablecoin developed with SBI is intended to provide the regulated yen leg for global settlement, FX, and tokenised asset flows.
Together, the two stablecoins form a complementary currency stack.
Sota Watanabe, CEO of Startale Group, adds: “Startale’s mission is to build the next civilisation by bringing the world onchain. Our yen-denominated stablecoin is not just a means of everyday payment — it will play a central role in a fully onchain world.
“In particular, we see enormous potential in enabling payments between AI agents and powering distributions for tokenised assets, both of which will soon become reality.”
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