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JPYSC Stablecoin Launched By SBI Holdings, Startale Group
The Japanese stablecoin market is expanding as SBI Holdings and Startale Group unveil their own Yen-backed stablecoin.
Japan will see a new Yen-backed stablecoin issued, this time by a national bank trust corporation (Valentina Vega / Unsplash)
SBI Holdings and Startale Group have launched JPYSC stablecoin.
Both entities have announced the latest Yen-backed stablecoin to be officially released later in Q2 of this year. SBI will focus on the banking and institutional distribution for the new stablecoin across its client network, while Startale is set to contribute in a technical design capacity, with SBI's Shinsei Trust arm also acting as the primary issuer.
As a top 3 globally traded currency, the issuance of the JPY currency onchain is becoming a more important national area of focus for domestic tech-native financial institutions. This will be in competition with existing alternatives, as there is already a JPYC stablecoin from JPYC Corporation - although the latter is not a national trust bank.
At present, the global Yen stablecoins market cap sits at $18M according to Dune analytics dashboard on fiat-backed stablecoins.
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