Japanese financial conglomerate SBI Group launched its trust-based stablecoin JPYSC on Wednesday with Singapore-based fintech company Startale Group.
According to a press release, SBI processed the first issuance of JPYSC today. SBI Shinsei Trust Bank manages the issuance, while SBI VC Trade — a licensed crypto exchange — is responsible for its distribution.
"JPYSC represents Japan's first issuance of a trust-based stablecoin structure in which the reserve assets are managed by a trust bank," SBI said in the release. "Unlike previously launched fund-transfer-type stablecoins, JPYSC is not subject to the 1 million yen transaction and balance limitations applicable to such instruments."
SBI added that it expects JPYSC to attract retail and corporate users through lower transaction costs and support for block trades. The company noted that JPYSC has the potential to serve as a yen-denominated base asset for onchain forex markets, institutional lending, and settlement for tokenized real-world assets, among other use cases.
Meanwhile, JPYSC's availability will be limited to SBI VC Trade accounts until the regulatory and tax treatment of the stablecoin is clarified. The crypto exchange also plans to launch a JPYSC lending service in the near future.
