[DigitalToday reporter Jinju Hong (홍진주)] SBI Group has begun managing part of the collateral assets for the yen-linked stablecoin JPYSC in short-term government bonds.

On Sept. 8 (local time), blockchain media outlet CoinPost reported that SBI Shinsei Trust Bank under the SBI Shinsei Bank Group and cryptocurrency exchange SBI VC Trade announced on Sept. 7 that they had started managing some of JPYSC trust assets in short-term government bonds.

The operation covers 1 billion yen of trust assets. The two companies said the move is an example of using the revised Payment Services Act that took effect in June 2026. JPYSC is an electronic payment instrument designed to be pegged 1 to 1 to the Japanese yen. SBI Shinsei Trust Bank issues it, and SBI VC Trade, as the issuer’s trustee, handles distribution. The company introduces JPYSC as Japan’s first trust-type yen stablecoin.

The regulatory change is the direct backdrop to the move. Since the revised Payment Services Act took effect, collateral assets for trust-type stablecoins can be managed in short-term government bonds with maturities of up to 3 months or time deposits, within a limit of 50 percent of the issuance amount. Previously, management was required in principle to focus on demand deposits such as ordinary deposits.

SBI Shinsei Trust Bank and SBI VC Trade said the goal is to secure liquidity needed for redemptions while managing collateral assets in highly creditworthy yen assets. The two companies said they will secure liquidity needed for redemptions while managing the collateral assets in highly creditworthy yen-denominated assets.

Distribution is also growing. As of Sept. 7, outstanding JPYSC issuance stood at about 20.1 billion yen. Outstanding lending applications were tallied at about 6.9 billion yen. The combined total is about 27.0 billion yen. The shift of part of the collateral assets into government bonds shows that beyond a simple change in management method, the stablecoin is moving into a phase of operating infrastructure that has secured a certain scale.

Partnerships around JPYSC are also expanding. SBI Holdings announced it had formed a strategic partnership in July with real-world asset tokenisation company Ondo Finance. The two sides are reviewing the use of JPYSC as an on-chain payment and collateral instrument. SBI Holdings has said it would provide domestic and overseas investors with "diverse and highly convenient financial services" through the partnership.

Against this backdrop, JPYSC has entered a stage of seeking to expand its use beyond a simple remittance tool into payment and collateral. Future points to watch are how much reserve-asset management expands under the revised Payment Services Act and whether on-chain payments or real-world asset tokenisation links lead to actual services.