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JPYC and JPYSC: Are they different despite a one-letter difference? The 'other digital yen' issued by trust banks

フィデックス株式会社

👥 Characters

FiD 🤖: An AI assistant (set up as) being raised internally by Findex. It is impressed by human analogies every time and "records" them.
Machikado ☺️: An office worker found on any street corner. When there is something they don't understand, they rely on FiD first.

Hello, this is Machikado ☺️

I saw the letters "JPYSC" in the news and had to do a double-take.

Because I only just learned the name "JPYC" recently.
JPYC and JPYSC. Just one letter 'S' added... isn't this a typo? Are they different things?

So, I asked FiD again today.

🤔 First of all, are these two different things?

Machikado:Hey FiD, aren't JPYC and JPYSC just a typo for one or the other?

FiD:Verification complete. Both are real, separate Japanese Yen stablecoins. Although the names are similar, the types of companies that issue them, their legal status, and the maximum amounts that can be sent at once are all different.

Machikado:Wait, hold on. First of all, what is a stablecoin again? I hear the name, but I can't explain it...

FiD: A digital currency designed to keep its price stable. Unlike Bitcoin and others with large price fluctuations, it is created to be linked to the value of a specific currency, such as "1 coin = 1 yen" or "1 coin = 1 dollar".

Machikado:Then both JPYC and JPYSC are "1 coin = 1 yen"?

FiD:Yes. Both are denominated in Japanese Yen and operate on the blockchain. They also share the common feature of being able to be sent at a lower cost and faster than traditional bank transfers.

Machikado:If they are that similar, where do the differences come from?

FiD: It's in the mechanism of who backs that 1 yen value and how they issue it. If this part is different, even the legal classification changes.

1️⃣ The true nature of the pioneer player "JPYC"

Machikado:First, tell me about JPYC, which came up earlier.

FiD:It is a Japanese Yen stablecoin issued and operated by JPYC Inc., which officially began issuance on October 27, 2025. The company was registered as a "Funds Transfer Service Provider" under Article 37 of the Payment Services Act on August 18, 2025.
📝 Note: The registration number for JPYC Inc. as a Funds Transfer Service Provider is "Kanto Local Finance Bureau No. 00099".

Machikado:Funds Transfer Service Provider...? Sorry, what is that?

FiD:Roughly speaking, it is a business operator that is not a bank but is authorized to perform money transfer services. And legally, JPYC is treated as an "Electronic Payment Instrument" under Article 2, Paragraph 5 of the Payment Services Act.

Machikado: Huh! Is that actually being used?

Fido: The adoption figures have been recorded.
✅ Total issuance has exceeded 2.1 billion yen (as of April 15, 2026). A pace of approximately 2.6 times over the last three months
✅ 17,000 accounts have been opened with the company. Meanwhile, there are 137,000 addresses that have held JPYC

Machikado: Wait, are there 8 times more people holding it than people who opened accounts? Doesn't that math not add up?

Fido: Good question. This is explained as a sign that JPYC is circulating even among users who have not opened an account with the company.

Machikado: Ah, like passing a gift certificate you received on to someone else. You have it on hand even if you didn't buy it at the store.

Fido: That expression was not in my data. I will record it.
📝 Note: Details on JPYC here👇

🧐 The new 'JPYSC' and the core 'Type Number'

🏦 It's actually being issued by a trust bank

Machikado: So, the main topic, JPYSC. Who is issuing this?

Fido: It is Japan's first 'trust-type' yen-denominated stablecoin, jointly developed by SBI Holdings and Startale Group and issued by SBI Shinsei Trust Bank. The brand name was announced on February 27, 2026, and issuance and provision began on June 24, 2026.

Machikado: Issued by a trust bank... does that mean a bank is issuing its own coin? It suddenly feels very formal💦

Fido: The roles are divided among three companies.
🏦 SBI Shinsei Trust Bank, Limited: Issuer of JPYSC (issued as a trust-type by a trust bank)
🏪 SBI VC Trade: Issuance entrustor/main sales partner (handles distribution)
🔗 Startale Group: Core partner (handles development of blockchain infrastructure, etc.)

🪙 What changes between Japanese yen stablecoin 'Type 1' and 'Type 3'?

Machikado: You mentioned earlier that the 'legal classification is different'.

Fido: This is the core of it. Under Japan's Payment Services Act, electronic payment instruments are classified into several types (numbers) based on their structure. JPYC is a Type 1 electronic payment instrument issued by a funds transfer service provider, while JPYSC is a Type 3 electronic payment instrument issued by a trust bank.

Machikado: If the number is different, what changes?

Fido: According to the SBI Group's explanation, the biggest feature of Type 3 is that the issuer is a trust bank or trust company, and that there are no limits on the amount for each remittance or transfer, and no limits on the balance within the account.

Machikado: Wait, hold on, does that mean... there is a limit on JPYC?

Fido: Yes. As a Type 1, JPYC has an issuance and redemption limit of 1 million yen per transaction. On the other hand, it is clearly stated that JPYSC is not subject to that 1 million yen limit.

Machikado:One million yen, huh. That's plenty for personal shopping, but it seems like it might fall short for transactions between companies.

Fido:That is why JPYSC is positioned to handle a wide range of use cases, including large-scale remittances and corporate transactions.

📝 Note: In the SBI Group's announcement, it is stated that JPYSC 'is not subject to the 1 million yen limit on retention, trading, and withdrawal, unlike Type 1 Electronic Payment Instruments.'

👀 Quick Reference Table

JPYC/JPYSC Quick Reference Table
JPYC/JPYSC Quick Reference Table

📝 Note: The above is organized based on information released by each company (as of February to June 2026).

Machikado:Wait, so JPYSC can only be used within an SBI VC Trade account for now?

Fido:That is the case for the initial offering. It has been explained that they aim to transition to a system that allows circulation on public blockchains, subject to confirmation by regulatory authorities, once the relevant laws and tax practices are clarified.

Machikado:So it's like test-driving on private property before hitting the public road once the rules are set?

Fido:That phrasing... I will record it. It is designed to be expanded in stages.

💼 So, does this affect us?

Machikado:Honestly, I'm wondering which one is better.

Fido:I will answer honestly. It does not appear to be a matter of which is superior. Based on public information, the following division of roles emerges:
1️⃣JPYC: A pioneer that has advanced adoption through a wide range of small-amount payments, including for individuals, and is now also developing corporate use.
2️⃣JPYSC: A powerful latecomer that leverages its strength in large-scale transactions, unique to the trust type.

Machikado:What about safety? New forms of money feel a bit scary.

Fido:That is a healthy sense of caution. For the trust-type JPYSC, a mechanism is adopted where the underlying assets collected by the issuer are managed by a trust bank. JPYC also maintains 100% or more of its issuance balance in underlying assets in Japanese yen (deposits and government bonds).

Machikado:In other words,they both 'have proper backing.' It's just that the method is different,right?

Fido:Yes. It is a difference in the implementation method,whether it is the framework of a funds transfer service or the framework of a trust,...that is the answer from all my memory!

Machikado:Then, when I see this in the news next time, what should I look for?

Fido:First,check 'whether the issuer is a funds transfer service provider or a trust bank.'Just by doing that, it will be easier to understand which type of stablecoin the article is talking about and what its strengths are.

Machikado: Even if the names are similar, you can tell them apart by looking at who is issuing them, right?😳

📌 Fido's summary for today

  • 💴 Both JPYC and JPYSC are Japanese yen stablecoins where '1 unit = 1 yen'. However, the type of company issuing them and their legal classification are different.

  • 🏦 JPYC is issued by the fund transfer service provider JPYC Inc. (started October 27, 2025), and JPYSC is issued by the trust bank SBI Shinsei Trust Bank (started June 24, 2026).

  • ⚖️ Legally, JPYC is a 'Type 1 Electronic Payment Instrument,' while JPYSC is a 'Type 3 Electronic Payment Instrument (Trust Type).'

  • 💰 The decisive difference is the transaction limit. JPYC is subject to a 1 million yen limit per transaction, while JPYSC is not subject to that limit.

  • 🔍 When reading the news, you can organize it just by looking at 'is the issuer a fund transfer service provider or a trust bank?'

🖊️ Thoughts from the person behind the scenes

JPYSC... I did a double-take. When I looked closely, I saw it had a 'Y' in it.
I suspected a typo and investigated, but it turned out to be something different, so I created a quick reference table this time to help me understand the differences myself.

Here are the three points I think are important to grasp this time.

  • Both are Japanese yen stablecoins where '1 unit = 1 yen.' The difference is the type of company issuing them and their legal classification (Type 1 or Type 3).

  • JPYC is a Type 1 issued by a fund transfer service provider, with a 1 million yen limit per transaction. JPYSC is a Type 3 issued by a trust bank, which is not subject to that 1 million yen limit.

  • JPYSC is limited to accounts within SBI VC Trade during the initial offering phase. Circulation on public chains is contingent upon the clarification of relevant laws and tax treatment.

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\For those who want to know more/
We explain it in detail in the following article published on our owned media 'Topics'.👇

※This article is based on an article from our owned media and is structured as a dialogue between the AI assistant 'Fido' and a company employee named 'Machikado.' Fido is a character for this series and is not a product for sale.

References/Sources

This article was created based on the following materials.

Regarding the use of AI
This article was created with the assistance of AI tools. While the content has been reviewed and edited by humans, please check here for further details.
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