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, and SBI Holdings' position as one of Japan's largest financial conglomerates.

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 on-chain 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.

“The transition to a 'token economy' where all real-world assets are tokenized and tokens permeate society as a means of settlement, is now an irreversible societal trend,” says Yoshitaka Kitao, representative director, chairman and president of SBI Holdings. “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."

Complementary initiative

Japan’s Financial Services Agency ( FSA ) recently established the Payment Innovation Project, a new regulatory sandbox for blockchain-based payments, and supported the joint yen-backed stablecoin pilot by Japan’s three megabanks – Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho – as its first official test case.

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 on-chain economy, including tokenized assets.

The project also builds on Startale’s broader stablecoin strategy, including the recent launch of Startale USD ( USDSC ), an institutional-grade, USD-pegged stablecoin designed as the default digital dollar for Soneium and the Startale App.

While USDSC lays the foundation for dollar-denominated payments, rewards, and liquidity across consumer and developer experiences, the new yen stablecoin developed with SBI is intended to provide the regulated yen leg for global settlement, FX, and tokenized asset flows.

Together, the two stablecoins form a complementary currency stack. USDSC anchors dollar liquidity inside applications like the Startale App and the wider Soneium ecosystem, making on-chain payments and rewards feel as familiar as any mainstream mobile experience.  

Digital yen ecosystem  

By aligning a regulated digital yen with an institutional-grade digital dollar, Startale and SBI aim to create a secure, transparent, and interoperable digital yen ecosystem.

“Startale’s mission is to build the next civilization by bringing the world on-chain. Our yen-denominated stablecoin is not just a means of everyday payment – it will play a central role in a fully on-chain world,” Startale Group chief executive officer Sota Watanabe. “In particular, we see enormous potential in enabling payments between AI agents and powering distributions for tokenized assets, both of which will soon become reality.”

Startale will lead technology development, including smart contract design and security systems, while SBI Group will lead regulatory compliance and institutional distribution. The launch is planned for second quarter of 2026, following the establishment of all necessary compliance and regulatory frameworks.