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Startale Group and SBI Holdings have 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 Monday.
The project pairs Startale’s blockchain stack, including its work on the Soneium network, with SBI’s reach as one of Japan’s largest financial groups, targeting a share of a $300 billion stablecoin market still dominated by dollar-pegged tokens.
Shinsei Trust & Banking will handle issuance and redemption, with SBI VC Trade managing circulation as a licensed crypto asset exchange. Startale leads tech 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 crypto economy, serving as payment rails and a tool for moving money across borders.
SBI Holdings Chairman and President Yoshitaka Kitao called tokenized assets and token-based settlement an “irreversible societal trend,” and said in the release that the yen stablecoin is meant to serve as core infrastructure for digital financial services integrated with traditional finance.
The initiative comes under Japan’s new stablecoin rules and the FSA’s Payment Innovation Project, which is already backing a joint yen stablecoin pilot by Mitsubishi UFJ, Sumitomo Mitsui and Mizuho, and is pitched as a programmable digital yen for cross-border settlement and tokenized RWAs.
The token will sit alongside Startale USD (USDSC), the firm’s institutional-grade dollar stablecoin for Soneium and the Startale App, with USDSC anchoring dollar liquidity and the new yen coin providing the regulated yen leg for FX, settlement and tokenized asset flows.
Launch is targeted for Q2 2026, pending final regulatory approvals.
Read more: Stablecoin Adoption Is ‘Exploding’ — Here’s Why Wall Street Is Going All-In