SBI Moves 1 Billion Yen of JPYSC Stablecoin Reserves Into Japanese Government Bonds

SBI Moves 1 Billion Yen of JPYSC Reserves Into JGBs

SBI Shinsei Trust Bank and SBI VC Trade said on September 7 that they have started deploying 1 billion yen of the reserve assets behind JPYSC, Japan's first trust-type yen stablecoin, into short-term Japanese government bonds. The step extends the coin's backing beyond the demand deposits that previously held the entire trust estate, and it marks the first JGB deployment for a domestic trust-based yen stablecoin. As of the same date, JPYSC's outstanding supply stood at roughly 20.1 billion yen, while applications for the JPYSC Lending service added about 6.9 billion yen, taking the combined footprint to around 27 billion yen. SBI Shinsei Trust Bank acts as issuer and manages the trust property, and SBI VC Trade, the group's licensed crypto exchange arm, serves as the commissioned issuer handling issuance and distribution. The two firms plan to scale the bond deployment as circulation grows.

Revised Payment Services Act Opens the Door

The deployment rests on the amended Payment Services Act that took effect on June 1, 2026. Under the previous framework, trust-type stablecoin reserves had to sit in demand deposits such as ordinary bank accounts. The revision permits issuers to place up to 50% of outstanding issuance into short-term government bonds with three months or less remaining to maturity, or into time deposits that can be broken early without principal loss. SBI VC Trade confirmed the start of the program in its official X announcement, which stated that part of the trust estate backing JPYSC is now invested in Japanese government bonds. The trust bank says it will manage liquidity so redemptions can be met at all times, the key constraint regulators attached to the new flexibility. JPYSC is engineered to track the yen one-to-one as a Type III electronic payment instrument under the law.

its official X announcementhttps://x.com/sbivc_official/status/2096881144562364619?ref_src=twsrc%5Etfw

JPYSC Ecosystem Builds Out

JPYSC entered limited service on June 24, circulating initially only within SBI VC Trade accounts, and its first-day issuance reached 10 billion yen. Since then the group has stacked utility on top of the coin. A lending program that opened for applications on July 16 pays 3% annually over 12-week terms, and from September 2 staking rewards across 16 supported assets, including Ethereum (ETH) and Solana (SOL), can be received in JPYSC and converted to yen without spread. Wider rails are also in the works. SBI Holdings signed a strategic partnership with Ondo Finance on July 16 to tokenize Japanese equities and study JPYSC for on-chain settlement and collateral, after announcing work with the Solana Foundation on July 13 to support yen stablecoin issuance on that network. Separately, SBI Global Asset Management, DigiFT and Startale Group began a proof of concept on an Ethereum testnet, testing JPYSC-style tokens for tokenized Japan-stock fund subscriptions and dividend payments.

Korea's KFTC Opens Stablecoin Testbed Tender

Regional regulators are moving in parallel. Korea's Financial Telecommunications and Clearings Institute (KFTC) posted a tender on August 28 to select an outside contractor for technology verification on its stablecoin testbed, under notice number R26BK01701719-000, with contracts awarded through general competitive bidding and negotiation. The bid notice shows that proposal submissions closed at 11:00 a.m. Korea time on September 8 at the institute's Bundang center, with bid opening set for noon the same day. The project sits with KFTC's Financial Platform Unit, while its IT planning division handles procurement, and the winning vendor must submit contract documents within ten business days of award. Notably, the published notice does not specify which technologies the testbed will verify, leaving the verification scope open for now. Readers tracking the market in real time can follow live spot and futures prices on MEXC.

Yen and Won Rails Enter a New Phase

Read together, the two tracks show Asian stablecoin development shifting from issuance to durability. SBI's official disclosure, the primary record we are working from, states plainly that part of JPYSC's trust estate now earns yield in Japanese government bonds, making the coin's reserve model resemble a money-market fund rather than a dormant deposit account. That economics matter: yen stablecoins remain small next to dollar tokens traded across major venues such as Coinbase, and yield-bearing reserves give issuers a structural reason to scale distribution. Korea's testbed effort, documented in the KFTC's own procurement record, signals the same next step on the infrastructure side, whether regulated tokens ultimately settle on centralized venues or decentralized exchange rails.