Key facts
- Ripple affiliate SBI Holdings, in partnership with Startale Group, has launched a yen-denominated stablecoin named JPYSC.
- JPYSC is built on the Ethereum blockchain and operates under Japan's trust-bank framework, involving SBI Shinsei Trust Bank.
- The stablecoin is initially available to customers of SBI VC Trade, with plans for broader public circulation pending regulatory approval.
- This launch aims to facilitate larger settlements and institutional use cases in Japan's digital asset market.
- JPYSC will compete with JPYC, the existing market leader for yen-backed stablecoins in Japan.
SBI Holdings, a key affiliate of Ripple, has launched its yen-denominated stablecoin, JPYSC, on the Ethereum blockchain in collaboration with Startale Group. The stablecoin is designed as Japan's first trust-type stablecoin, operating under the country's electronic payment system and utilizing a trust-bank structure with SBI Shinsei Trust Bank involved. SBI VC Trade will manage the stablecoin's distribution. SBI Holdings CEO Yoshitaka Kitao stated the launch aligns with the company's blockchain finance revolution and positions them against global competitors. Startale Group CEO Sota Watanabe announced the launch was ahead of schedule. Currently, JPYSC is only available for SBI VC Trade accounts, with plans to expand public circulation on public chains once legal, regulatory, and tax aspects are clarified. Potential applications include foreign exchange liquidity, settlement of tokenized real-world assets, and institutional lending. JPYSC enters a market where JPYC is the current leader.