SBI Just Launched Japan’s First Trust Bank-Backed Stablecoin as Competition With USDT Heats Up

SBI Group and Startale Group have announced the launch of JPYSC, a yen-denominated stablecoin to challenge the dominance of dollar stablecoins. While yen-denominated stablecoins are not new to Japan, JPYSC is the first of its kind to be issued by a trust bank, signaling robust regulatory compliance.

JPYSC to change the Japanese stablecoin landscape

The stablecoin, jointly launched by SBI Group and Startale Group, will operate at the intersection of traditional finance and on-chain finance. SBI is one of Japan’s largest financial conglomerates, while Startale has emerged as the country’s leading infrastructure firm with deep involvement in tokenization.

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Meanwhile, Japan first enacted a stablecoin legislation in 2023, giving the country a major head start against the US. Last week, the East Asian country unveiled a new digital asset regulation, cutting tax to 20% while angling to approve ETFs.

Source:: SBI Just Launched Japan's First Trust Bank-Backed Stablecoin as Competition With USDT Heats Up