SBI's yen stablecoin, JPYSC
The record 4 developments
Japan's SMBC Group to take 5% of SBI and Startale's yen stablecoin venture
What happened. Sumitomo Mitsui Financial Group (SMBC Group) will soon take a 5% stake in SBI Startale Marketing, a joint venture of SBI Holdings and Startale Group, Nikkei reported on 30 October. NewEconomy reported that SBI and SMBC Group have signed a capital and business alliance. The aim is to use SMBC's customer base to build financial services, such as asset management and payments, using JPYSC, SBI's yen stablecoin.
Why it matters. Sumitomo Mitsui Banking Corporation has about 24 million individual customers and may in future also consider using JPYSC to settle financial products traded on blockchains and for instant payments, NADA NEWS reported.
- JPYSC is issued by SBI Shinsei Trust Bank and distributed by SBI VC Trade. It launched on 24 June, and about ¥20.8 billion was in circulation on 30 October.
- SBI Startale Marketing plans uses for JPYSC and develops blockchain-based financial products.
- Sumitomo Mitsui Banking Corporation is also working with MUFG Bank, Mizuho Bank and others on jointly issuing a stablecoin; on 16 October they said a trial had confirmed the joint model can work.
Read the originals (3), usually in their own language
- SMFG to cooperate with SBI on stablecoins, taking 5% stake in joint venture = Nikkei · NADA NEWS, headline translated by us
- SMFG and SBI to form capital tie-up on stablecoins = Nikkei · CoinPost, headline translated by us
- SMBC Group to take 5% stake in SBI-Startale JV; alliance on stablecoin use · NewEconomy, headline translated by us
SBI plans to issue its yen stablecoin, JPYSC, as early as this week, Nikkei reports
SBI Group planned to issue its yen stablecoin, JPYSC, as early as that week, The Defiant reported, citing Nikkei.
SBI Holdings unveils a trust bank-backed yen stablecoin, aiming to launch in the second quarter
SBI Holdings unveiled a yen stablecoin backed by a trust bank and aimed to launch it in the second quarter, The Block reported.
SBI and Startale plan a regulated yen stablecoin for global settlement
SBI and Startale said they would launch a regulated yen stablecoin for global settlement, CoinDesk reported.