Ripple Partner SBI Holdings Launches JPYSC Yen Stablecoin on Ethereum

Ripple partner SBI Holdings and blockchain services provider Startale Group have announced the launch of a yen-backed stablecoin, JPYSC, on the Ethereum network. This marks Japan’s first trust-type stablecoin under the country’s electronic payment system, though some regulatory approvals are still pending.

The stablecoin is initially available for customers of SBI VC Trade, with distribution handled by SBI Shinsei Trust Bank. Startale Group provided development and integration support. Unlike traditional token-based stablecoins, JPYSC is built on a trust-bank structure, which the companies claim eliminates settlement amount restrictions and enables larger institutional use cases.

SBI Holdings CEO Yoshitaka Kitao stated, “As the transition of financial functions to on-chain is irreversibly progressing, creating payment methods that can be used on-chain is an issue that must be resolved as quickly as possible.” He added that the launch places SBI “at the starting line against fierce global competitors.”

Startale CEO Sota Watanabe noted the rollout was ahead of schedule but clarified that transfers to external wallets are not yet possible, as technical preparations for public chain circulation are complete but require regulatory approval. The companies aim to secure necessary approvals for public blockchain transactions as soon as possible.

Potential applications for JPYSC include foreign exchange liquidity pools, settlement of tokenized real-world assets, institutional lending, retail payments, over-the-counter trading, and cross-border remittances. The stablecoin faces competition from JPYC, Japan’s existing yen-backed stablecoin market leader. SBI Holdings also recently partnered with global stablecoin issuer Circle.

Source: https://coingape.com/ripple-partner-sbi-holdings-launches-jpysc-yen-stablecoin-on-ethereum/