Financial group SBI Holdings has issued JPYSC, the first yen stablecoin to apply a trust-bank structure under Japan's revised Payment Services Act, with reserves managed by an SBI-affiliated trust bank.

Classified as a Type 3 electronic payment instrument, JPYSC carries no transaction cap, unlike earlier yen stablecoins limited to 1 million yen, opening it to corporate settlement and large institutional trades.

SBI VC Trade, a licensed Japanese exchange, will handle distribution, with the token built jointly with Singapore's Startale Group after sign-off from Japan's FSA.