Startale Japan opens bond offering with interest and repayment in JPYSC

Startale Japan opened subscriptions on October 6 for a corporate bond whose interest and final repayment will arrive in JPYSC, a yen stablecoin. The offering creates a concrete test of stablecoin payments in corporate finance, with the first payments scheduled for 2027.

The company plans to raise ¥99.9 million through a one-year digital bond. Its published terms set a 5% fixed annual coupon before tax and a minimum subscription of ¥100,000. Applications close November 10, with issuance scheduled for December 1. Interest is due June 1 and December 1, 2027; the latter date is also the maturity date. Payments will be received through Startale App.

Buyers subscribe in ordinary yen, according to CoinPost's reporting from the October 5 launch event in Tokyo. The stablecoin enters the transaction when the borrower pays interest and returns principal. That distinction matters: opening subscriptions establishes the financing structure, while the future payment dates will test its operation.

JPYSC is issued by SBI Shinsei Trust Bank and designed to track the yen one for one. Startale identifies it as a Type 3 electronic payment instrument under Japan's Payment Services Act. SBI VC Trade handles issuance and distribution, while Startale supplies the technology. Startale's claim that the bond is Japan's first is limited to digital corporate bonds paying interest and redemption in a yen-denominated trust-type stablecoin, based on its own research through September 30.

CoinPost's original interviews explain the practical motivation. Handling many small coupon payments can make small corporate bond offerings expensive. Startale CEO Sota Watanabe said stablecoins could lower those transfer costs and eventually support more frequent, automated payments. This bond still has two scheduled interest payments, six months apart.

The structure also retains familiar restrictions. Startale's terms say early cashing out and third-party transfers are generally unavailable. Its Singapore parent guarantees principal and interest, but that is a corporate guarantee; CoinPost notes that the issuer's and guarantor's credit risk remains.

Watanabe also described reporting obligations around trust-beneficiary transfers as a barrier to wider peer-to-peer use of JPYSC. CoinPost distinguishes a requested tax change from enacted reform: no implementation date has been settled. The bond therefore starts with a defined borrower, payment schedule and app destination while broader stablecoin circulation remains a separate regulatory question.