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SBI And Startale Announce JPYSC Stablecoin
SBI Group and Startale deliver on their promise to launch a JPY-denominated stablecoin in Japan.
Japan sees the launch of the latest Yen-backed stablecoin (Hoseung Han / Unsplash)
SBI and Startale launch JPYSC stablecoin.
SBI Group and Startale have officially announced the launch of their anticipated stablecoin backed by the Japanese Yen. Unlike other Yen-backed stablecoins, this will be managed under a trust structure with SBI Shinsei Trust Bank.
JPYSC stablecoin is now live for SBI VC trade account holders only for the moment. Currently it will be limited to internal transfers authorization, although the leadership intends to open it up to popular blockchain networks.
However, it is not the only one planning to issue local-currency stablecoins, with other big banks recently voicing their intentions to jointly issue another Yen-backed stablecoin.
The Japanese regulatory environment has been evolving over the last few months and it is actively considering the licensing of stablecoins under its latest FSA stablecoin monitoring updates.
At the time of writing, the Yen-backed stablecoin market sits at $43M according to CoinGecko stablecoin rankings.
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