SBI Group launched JPYSC today, Japan's first trust bank-backed yen stablecoin issued through SBI Shinsei Trust Bank. It’s classified as an electronic payment instrument, avoiding the 1 million yen transaction and balance caps that constrain existing fund-transfer stablecoins like JPYC. First issuance is live, distributed via SBI VC Trade, with lending services planned soon to support onchain forex, institutional lending, and tokenized assets. Initial availability is limited to SBI VC Trade accounts pending regulatory and tax clarity. No immediate market moves reported, but it strengthens Japan’s regulated onchain yen infrastructure. Early days—adoption and scale remain unproven.(unfolded.)