Odaily Planet Daily reports that Japanese financial group SBI Holdings and Startale Group announced the launch of the Japanese yen stablecoin JPYSC, targeting institutional and cross-border payment scenarios. The stablecoin is issued and trust-managed by SBI Shinsei Trust Bank, compliant with Japan’s digital asset regulatory framework. SBI’s trading platform SBI VC Trade will serve as the main distribution channel, with Startale responsible for technical development.
Both parties stated that the trust bank support model helps enhance governance and compliance, promotes the use of the yen in the digital financial system, and provides a compliant alternative to the currently dominant US dollar stablecoins. The project is expected to go live in the second quarter of this year after obtaining regulatory approval.
In recent years, Japan has continued to advance the development of its stablecoin system. The 2022 revision of the Payment Services Act defined fiat-backed stablecoins as “electronic payment tools”; in October last year, Japan approved JPYC to issue a yen stablecoin. The three major banks—MUFG, SMBC, and Mizuho—have also conducted pilot projects for stablecoins and tokenized deposits. (The Block)
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