Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply
Peg today
below 1 JPY
Chains
Holders on Ethereum
JPYSC is a JPY stablecoin issued by SBI Shinsei Trust Bank, launched on 24 Jun 2026.
JPYSC is a yen stablecoin issued by SBI Shinsei Trust Bank, part of Japan's SBI Group. Startale Group is the designated core partner leading technical development, and SBI VC Trade is the primary distribution partner (Startale, 27 February 2026).
Startale describes JPYSC as a trust-based stablecoin structured as a Type III Electronic Payment Instrument under Japan's regulatory framework, aimed at operational, treasury and cross-border use, high-volume transactions and tokenized asset settlement (Startale).
The token went live on 24 June 2026, initially inside SBI VC Trade accounts only. SBI VC Trade states that JPYSC cannot be transferred to external wallets, pending settlement of the relevant laws and tax treatment and subject to confirmation by the supervisory authorities (SBI VC Trade). That matters for how the on-chain figures below should be read: the contract exists, but circulation is not yet open.
Sources: Startale Group and SBI Holdings introduce JPYSC (issuer announcement), SBI VC Trade: JPYSC launch announcement (24 June 2026)
How much JPYSC is in circulation, which chains carry it and who holds it.
Almost the whole supply sits in a handful of wallets and has barely moved, so the figure is minted rather than circulating.
Source: DeFiLlama circulating supply, the series the chart draws, measured against that source’s own past. It is not a change in the onchain supply above. The 7d figure is from DIA first-party onchain reads: the change between two daily snapshots, not mints minus redeems.
25.6B JPYSC (US$162.3M)concentrated
All supply on Ethereum
Ethereum25.6B JPYSC · 100.0%Supply growth
Counted on Ethereum. Excludes issuer treasuries, includes contracts. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. This source names no contracts, so they count as holders.
Source: DIA Transfer replay.
2holders on Ethereum
| JPYSC | |
|---|---|
| Top holder | 76.2% |
| Top 10 | 100.0% |
| Top 50 | 100.0% |
| Top 100 | 100.0% |
Excludes issuer treasuries, includes contracts. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. This source names no contracts, so they count as holders.
How far JPYSC trades from its JPY peg, from DIA's daily price reads.
Figures are in basis points: 100 bps = 1%.
Peg volatility is how much JPYSC's price swings around 1 JPY from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at 0.998 JPY scores near zero. Largest deviation is the single day in the last 12 months furthest from 1 JPY, signed.
The ranking counts every active JPY stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled US$1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
For a JPY stablecoin, the largest deviation leaves out days when most other JPY stablecoins closed the same distance from par on the same side: that move is the exchange rate, not JPYSC. A move JPYSC makes alone, or a discount it holds while the others stay at par, is kept.
11 bps
Peg volatility, 90 days
typical day-to-day swing around 1 JPY
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 JPYSC | −8 bps (−0.08%) | 11 bps | 11 bps | +60 bps (+0.60%) |
JPYSC is designed to be backed by cash and money-market assets.
SBI Shinsei Trust Bank states that JPYSC is a yen-denominated specified trust beneficiary right, that the trust bank is trustee and SBI VC Trade is settlor and initial beneficiary, and that the trust property is managed in bank deposits and Japanese government bonds (SBI Shinsei Trust Bank).
SBI Shinsei Trust Bank publishes the JPYSC issuance balance and the balance of the deposit account that holds the trust funds; its latest published figures are an issuance value of 10,008,294,794 yen and a deposit balance of 10,008,304,794 yen as of 30 June 2026 (SBI Shinsei Trust Bank).
Under the amended Payment Services Act effective 1 June 2026, up to 50% of the issuance amount may be invested in short-term government bonds and time deposits. SBI VC Trade announced on 7 September 2026 that 1 billion yen of JPYSC's trust property had been invested in short-term government bonds, when the issuance balance stood at about 20.1 billion yen (SBI VC Trade).
A trust structure at a licensed trust bank is a different legal arrangement from a corporate issuer holding reserves in its own name, and the trust property is segregated from the trustee's own assets.
Sources: SBI Shinsei Trust Bank: JPYSC stablecoin page (trust structure and issuance balance), SBI VC Trade: JPYSC backing assets begin short-term JGB investment (7 September 2026)
Ethereum0x6781d563…edd26177blacklist(address), unBlacklist(address) +1paused()mint(address,uint256), configureMinter(address,uint256) +1eip1967-uupsRead from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can freeze · pause · mint · upgrade (proxy)
Who licenses JPYSC's issuer and how its reserves are reported.
SBI VC Trade states that JPYSC is issued by SBI Shinsei Trust Bank as a trust-type Type 3 electronic payment instrument under the Payment Services Act (SBI VC Trade). Unlike Type 1 electronic payment instruments, JPYSC is not subject to the 1 million yen limit on holding, trading or withdrawal, and transfers and account balances carry no amount limit (SBI VC Trade). SBI VC Trade's explainer states that trust-type instruments have no statutory upper limit on issuance or redemption (SBI VC Trade column). SBI Shinsei Trust Bank confirms on its stablecoin page that JPYSC is Japan's first trust-type Type 3 electronic payment instrument, designed for a 1:1 exchange ratio with the yen (SBI Shinsei Trust Bank). Startale uses the equivalent English wording, Type III Electronic Payment Instrument (Startale).
SBI VC Trade also states that it aims to move JPYSC to circulation on public chains once the relevant laws and tax treatment are settled, subject to confirmation by the supervisory authorities (SBI VC Trade).
Sources: SBI VC Trade: JPYSC launch announcement (24 June 2026), SBI VC Trade: JPYSC explainer column (trust-type and no statutory upper limit), SBI Shinsei Trust Bank: JPYSC stablecoin page (Type 3 electronic payment instrument), Startale Group and SBI Holdings introduce JPYSC (Type III electronic payment instrument)
Recognised regimelicence tier of SBI Shinsei Trust Bank
Circulation is closed. JPYSC currently exists only inside SBI VC Trade accounts. SBI VC Trade states that transfers to external blockchain wallets are not supported, pending settlement of the relevant laws and tax treatment and subject to confirmation by the supervisory authorities (SBI VC Trade). A holder cannot self-custody, so the usual assumption that an ERC-20 balance is bearer value does not hold here.
Published reserve figures lag issuance. SBI Shinsei Trust Bank's JPYSC page reports an issuance value of 10,008,294,794 yen and a trust deposit balance of 10,008,304,794 yen as of 30 June 2026 (SBI Shinsei Trust Bank). SBI VC Trade reported an issuance balance of about 20.1 billion yen on 7 September 2026, with 1 billion yen of the trust property invested in short-term government bonds (SBI VC Trade).
Single-issuer and single-venue concentration. Issuance, distribution and redemption all sit inside SBI Group entities. SBI VC Trade is settlor, initial beneficiary and distributor at once (SBI Shinsei Trust Bank).
No secondary market price to observe. With transfers restricted, there is no open market in which a peg deviation would show up; on SBI VC Trade's sales venue the price is fixed at 1 JPYSC per 1 yen (SBI VC Trade).
Public-chain circulation is pending. SBI VC Trade states that it aims to enable public blockchain circulation once the relevant laws and tax treatment are settled, subject to confirmation by the supervisory authorities (SBI VC Trade).
Sources: SBI VC Trade: JPYSC product page (restricted circulation and fixed price), SBI Shinsei Trust Bank: JPYSC stablecoin page (trust structure and issuance balance), SBI VC Trade: JPYSC backing assets begin short-term JGB investment (7 September 2026)
SBI Shinsei Trust Bank issues JPYSC. Startale Group leads technical development as core partner, and SBI VC Trade is the primary distribution partner.
The trust assets backing JPYSC are managed in bank deposits and Japanese government bonds. SBI Shinsei Trust Bank publishes the JPYSC issuance balance and the balance of the deposit account holding the trust funds.
Not currently. SBI VC Trade states that JPYSC cannot be withdrawn to external wallets until the relevant laws and tax treatment for public chain circulation are settled.
Ethereum, at contract 0x6781d5631bfe47432b089e64e3eab3b6edd26177. SBI VC Trade lists Ethereum as its supported network for JPYSC, and deposits and withdrawals are not currently available.
Aggregator figure, not a contract read. DIA’s own read of the current supply is in the Supply by chain panel.
Source: DeFiLlama circulating supply
Source: DIA rebuild from onchain transfer history, Ethereum Updated
Daily close against the JPY peg, in basis points. Drag the handles under the chart to zoom; a range button resets it. The axis spans -40 bps to +40 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 1 close sits beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
JPYSCSource: DeFiLlama and CoinGecko prices Updated