Startale Japan has launched a digital corporate bond that will pay both interest and principal in JPYSC, a yen-denominated stablecoin issued by SBI Shinsei Trust Bank. The bond is available only to individual and corporate investors within Japan and represents what Startale describes as the first digital corporate bond in Japan to use a yen-denominated trust-type stablecoin for both types of payments, based on the firm's research as of September 30.
JPYSC is designed to track the Japanese yen at a 1:1 ratio and is classified as a Type 3 Electronic Payment Instrument under Japan's Payment Services Act. SBI Shinsei Trust Bank issues the stablecoin and manages the trust assets backing it. SBI VC Trade serves as the issuance trustor and handles distribution, while Startale Group provides the underlying technology.
Structure and Mechanics
Rather than using conventional payment channels for interest and redemption, the bond will distribute JPYSC throughout its lifecycle. The arrangement moves stablecoin use into corporate financing, an area where such instruments remain less established than in crypto trading, payments, and remittances.
Startale Group CEO Sota Watanabe stated that the company aims to bring finance onchain to create new options for corporate fundraising and individual investment. He described the bond as a pilot for using JPYSC in actual interest and principal payments, with the companies intending to use lessons from the issuance to explore broader applications in Japan.
Limited Disclosure
The announcement does not disclose the bond's total issuance size, coupon rate, maturity date, or individual investment limits, making it difficult to assess the financial scale of the offering.
Precedent in Other Markets
Similar structures have emerged elsewhere. In November 2024, crypto market maker B2C2 issued an onchain corporate bond tokenized on Ethereum and denominated in the U.S. dollar stablecoin USDC. In January 2026, Société Générale's digital-asset arm SG-FORGE conducted a trial with Swift that settled tokenized bonds using its euro stablecoin EURCV.
