SBI Approved to Issue Trust-Type Yen Stablecoin JPYSC Within This Week

CoinFeed June 23 news, according to Nikkei, SBI Group has recently obtained approval from Japan's Financial Services Agency and will issue the yen-pegged stablecoin JPYSC within this week. The coin is issued by SBI Shinsei Trust Bank as the issuing entity, with SBIVC Trade responsible for circulation and exchange as a crypto asset trading platform. SBI plans to combine JPYSC with the group's securities, crypto assets, banking, and other financial services to enhance the convenience of fund settlement and asset trading. The stablecoin is jointly developed by SBI and Singapore-based fintech company Startrail Group, adopting a trust-type structure, and is positioned as Japan's first such trust-type stablecoin project.