3
SBI Shinsei Trust Bank and SBI VC Trade have started investing part of the reserves backing JPYSC in short-term Japanese government bonds. The companies allocated JPY 1 billion of the stablecoin’s trust assets to these investments.
JPYSC is a yen-pegged stablecoin designed to maintain a 1:1 value with the Japanese yen. SBI Shinsei Trust Bank acts as its issuer and manages the reserve assets, while SBI VC Trade is responsible for the issuance and distribution of the stablecoin. Startale, a blockchain infrastructure company, is developing JPYSC’s technology together with the SBI Group.
JPYSC is expected to be used for domestic and cross-border payments, remittances, on-chain foreign exchange and settlements involving tokenized real-world assets. Startale and the SBI Group also plan to continue developing new applications for using the Japanese yen in blockchain-based financial markets.
Image: Magnific
coindesk.com
beincrypto.com
cryptopolitan.com