SBI Holdings and Startale Plan Regulated Yen Stablecoin Launch in 2026

Highlights:

• SBI Holdings is planning a regulated yen stablecoin with Startale as they target compliant settlement.
• Japan has advanced stablecoin rules as trust banks lead onchain settlement.
• SBI is building a multicurrency stablecoin strategy as yen plans align with upcoming RLUSD support for institutions.

SBI Holdings and Startale Group signed an agreement to build a regulated yen stablecoin, according to a joint press release issued today. In particular, the project targets domestic and global settlement use under Japan’s financial rules. Both firms said the stablecoin will rely on licensed entities for issuance and circulation.

The memorandum of agreement defines clear roles of the participants in the stablecoin structure. Shinsei Trust and Banking will issue and redeem the token. The Shinsei Trust Bank operates as a wholly owned subsidiary of SBI Shinsei Bank. SBI VC Trade will support circulation through its licensed crypto exchange platform. This structure falls in line with the stablecoin rules on fiat backing and oversight.

The companies confirmed a target launch period within the second quarter of 2026. The timeline depends on regulatory approval and system readiness. Both companies intend to finalize compliance structures before public disclosure. They also plan to perform internal testing before circulation. Yoshitaka Kitao, chairman and president of SBI Holdings, said the stablecoin will support Japan’s transition toward a token economy.

Japan has increased efforts to bring stablecoin activity under formal oversight. The FSA mandated that stablecoins are to be issued by licensed banks, registered fund transfer service providers, and trust companies. The mandate has pushed financial groups to develop and test yen stablecoins in the country.

Japan Expands Stablecoin Framework as Banks Lead Onchain Settlement

Japan has strengthened stablecoin regulations in recent years. The current laws require full fiat backing and control by licensed banks or trust companies. This model limits uncontrolled issuance and provides legal certainty. Financial institutions are now spearheading the experimentation of stablecoins, with regulators strengthening this approach through special policy tools.

The Financial Services Agency has recently introduced the Payment Innovation Project to trial blockchain-based payments. In particular, the regulatory sandbox will help to support controlled pilots within the law. Its first official tests backed yen-denominated stablecoins issued by major banks such as MUFG, SMBC, and Mizuho.

The SBI and Startale program aligns with these bank-based experiments. The project proposes a programmable stablecoin that a trust bank issues. Meanwhile, the token will be classified as a Type 3 Electronic Payment Instrument. The token classification structure removes the ¥1 million cap applied to many digital payment tools.

SBI Builds Multicurrency Strategy Across Yen and Dollar Stablecoins

SBI has expanded its stablecoin strategy beyond yen-based assets. The company integrated Circle’s USDC into its exchange platform in March after Japan adjusted certain stablecoin rules. The integration allowed regulated access to dollar-denominated liquidity and marked a step toward multicurrency support.

Ripple announced plans to launch its RLUSD stablecoin in Japan through SBI VC Trade in August. Meanwhile, the rollout is scheduled for early next year. Ripple noted that the token will target enterprise payment use cases. The planned yen stablecoin will complement this dollar exposure.