JPYSC began with a trust deed and a bank desk, then appeared as an upgradeable Ethereum token. The unusual part is not the one-yen label. It is the legal rule that asks who controls the key, who may redeem, and who can stop the contract.
The issuer is SBI Shinsei Trust Bank. SBI VC Trade distributes the instrument and was the original settlor and beneficiary. Startale wrote the technical rails. Mixing those roles would turn a regulated trust claim into a vague technology-company promise.
The parties fixed that split in December 2025, unveiled the JPYSC name in February 2026 and commenced the trust on June 24.
The trust terms do more than promise price stability: JPYSC represents the principal beneficial interest itself. When one person exclusively controls a wallet key, the terms attribute that interest to the controller. When a broker manages the key, the broker is the beneficiary.
Custody therefore changes legal position, not merely interface convenience. A customer who entrusts the key to a broker has a claim against that broker for return of the beneficial interest under the terms. The terms also prohibit transfer of the beneficial interest without the trustee’s prior consent. Technical transferability on Ethereum does not remove that legal condition.
The June 30 transaction outline recorded 10,008,294,794 units after launch. Yet the launch notice confined initial use to SBI VC Trade accounts; withdrawal to an external wallet was not live.
Startale described public-chain payments and programmable use as the destination. The same page conditioned those uses on withdrawal availability and legal, tax and regulator confirmation.
A holder seeking direct redemption must approach the trust bank, pass identity and legal screening, send JPYSC to its designated wallet and receive yen in a same-name bank account. The stated standard is within two business days after the bank accepts the completed procedure, although identity or legal checks can take longer.
The path costs ¥3,000 plus tax, bank charges and gas. That turns a formal one-yen unit into a poor small-value redemption instrument even when the claim is valid.
Trust assets may be deposits or Japanese government bonds. The structure requires value above principal, but the issuer explicitly warns that JGB marks can fall and principal is not guaranteed.
JPYSC pays holders no reserve yield. The return on trust assets and the holder’s redemption claim are different economic layers.
The verified implementation is a UUPS-upgradeable contract with separate pauser, blacklister, minter, whitelist, seizure and upgrade authorities. Transfers can stop; an address can be blacklisted; tokens can be seized from a blacklisted account through the court-order path.
Those controls make the token legible to regulated operators. They also make “permissionless yen” an inaccurate description of the holder’s rights.
The trust bank, SBI VC Trade and Startale receive separate legal, distribution and technical roles.
The parties publish the name, logo and planned trust-based structure.
The transaction terms date the trust deed one day before issuance begins.
The product launches inside SBI VC Trade accounts.
It reports 10,008,294,794 JPYSC and no listed issuer-operations audit.
Last evidence review: 2026-09-04
JPYSC is the Ethereum ERC-20 at 0x6781d5631BFe47432b089e64e3EaB3b6eDd26177. SBI Shinsei Trust Bank issues it as the onchain representation of the principal beneficial interest in a specific trust. SBI VC Trade acts as settlor, initial beneficiary and registered electronic payment instrument broker; Startale developed the contract and surrounding system but is not the issuer.
The product uses one JPYSC as a one-yen accounting and redemption unit. This is a legal trust claim, not an interest-bearing bank deposit: holders receive no trust profit or interest, and deposit insurance does not cover the token.
The project tries to move large yen payments and settlement onto public-chain rails without making an unlicensed technology company the yen issuer. It divides the work among a regulated trust bank, a registered distributor and a software developer.
That division creates the page’s central tension. A transferable token can exist on Ethereum while the direct redemption desk still performs identity, wallet and bank-account checks. “Onchain yen” therefore describes a settlement instrument with institutional gates, not anonymous cash with unconditional convertibility.
New trust money is placed with SBI Shinsei Trust Bank and issuance is instructed through SBI VC Trade. The contract lets authorized minters create JPYSC only within an allowance and to approved mint destinations; redemption burns supply. Trust assets may be held in yen deposits and Japanese government bonds.
A current holder can request direct yen payment from the trustee, but must complete KYC and legal checks, send the tokens to a designated wallet and receive funds in a bank account under the same name. The standard target is two business days after acceptance. The ¥3,000 fee plus tax, transfer charge and gas can make small redemptions uneconomic.
The code is upgradeable and separates operational roles. Designated actors can pause transfers, blacklist addresses, manage minters, whitelist mint destinations and use a court-order seizure path. These powers support compliance but mean token possession is not immunity from administrator intervention.
The terms also prohibit transfer of the beneficial interest without the trustee’s prior consent. Technical transferability on Ethereum does not remove that legal condition.
Neither is the legal issuer. SBI Shinsei Trust Bank issues JPYSC. SBI VC Trade handles distribution and is the registered broker; Startale developed the technology.
The terms provide a direct yen claim to the current holder, but payment is conditional on KYC and legal checks, token transfer to a designated wallet and a same-name bank account. The standard target begins after the request is accepted, and fees apply.
No. The issuer says trust assets can be held in yen deposits and Japanese government bonds. It warns that JGB prices can fall, so neither principal nor the one-yen market price is guaranteed.
No. The issuer states that JPYSC holders receive no interest or trust-profit distribution. Any separately marketed lending service would be a different product with different risks.
The verified implementation contains pause, blacklist, mint-management, seizure and UUPS upgrade roles. Those are controlled functions; they are not rights granted to ordinary holders.
No. The June 24 launch notice says initial use was limited to SBI VC Trade accounts and external public-chain circulation awaited legal, tax and regulatory clarification.
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