SBI Holdings Announces Launch of Japanese Yen Stablecoin JPYSC

BlockBeats News, February 27th. Japanese SBI Holdings and Startale Group announced the launch of the Japanese Yen stablecoin JPYSC. This stablecoin is backed by a trust bank and is aimed at institutional and cross-border use cases.

According to the announcement released by Startale, JPYSC is Japan's first stablecoin backed by a trust bank, issued and managed by SBI Sumishin Net Bank in accordance with Japan's regulations on digital assets. The group's cryptocurrency exchange, SBI VC Trade, will serve as the main distribution partner, while Startale will lead the technical development.

The announcement also noted that the development of JPYSC aims to achieve interoperability between traditional infrastructure and different blockchain networks. JPYSC is expected to be launched in the second quarter of this year, pending regulatory approval.