In a landmark moment for institutional Web3 adoption in Asia, Startale Japan has officially launched the country’s first digital corporate bond that pays both interest and principal directly in a yen-denominated stablecoin.
The legal issuer, Startale Japan Co., Ltd., announced that the Startale Bond uses JPYSC, a trust-type yen stablecoin issued by SBI Shinsei Trust Bank, for scheduled interest payments and final principal redemption. The offering is open exclusively to individual investors and corporate entities in Japan.
The issuance brings JPYSC stablecoin into corporate financing for the first time.
How Startale’s JPYSC-Paid Bond Works
While stablecoins have largely been associated with crypto trading, payments and remittances, Startale Japan’s new offering integrates stablecoins into established corporate financing structures.
Startale Japan Co., Ltd. is the legal issuer of the Startale Bond. The offering is limited to individual and corporate investors in Japan and is not available to investors overseas.
JPYSC is Japan’s first trust-type, yen-denominated stablecoin. It is designed to track the Japanese yen on a 1:1 basis and qualifies as a Type 3 Electronic Payment Instrument under Japan’s Payment Services Act. The structure therefore combines a regulated yen-denominated stablecoin with a conventional corporate bond, creating a use case for stablecoin-based settlement within an established financial instrument.
JPYSC Moves From Blockchain Transactions Into Corporate Finance
The deal also expands the use of JPYSC beyond blockchain-based transactions. With both interest and principal paid in the yen-denominated stablecoin, Startale Japan is putting it into a conventional financial product and testing how it can work within Japan’s existing capital markets.
“By bringing finance onchain, we want to create new options for corporate fundraising and individual investment,” said Sota Watanabe, CEO of Startale Group.
He added that the experience gained through the initiative could eventually allow the mechanism to be expanded to a wider range of businesses across Japan, describing the project as one that could, in retrospect, be viewed as a “turning point in finance.”
How SBI and Startale Power the JPYSC Stablecoin
The issuance is backed by a collaboration between Startale and Japanese financial giant SBI Group, with the two sides taking different roles in the JPYSC infrastructure.
SBI Shinsei Trust Bank serves as the issuer of JPYSC and manages the underlying trust assets backing the stablecoin, while SBI VC Trade oversees its issuance and distribution as the issuance trustor.
Startale Group provides the technology supporting the stablecoin framework, bringing the blockchain infrastructure into the broader financial structure.
Why This Matters for the Crypto Market
Japan has been among the early movers in regulating stablecoins. Amendments to the Payment Services Act established a framework for certain yen-denominated stablecoins, including trust-based structures, creating a regulated foundation for their use in financial applications. That framework is now being put to a practical test.
