SBI Holdings and Startale Group have launched Japan's first trust-based stablecoin, JPYSC. This yen-denominated asset was created using a trust model and is available to clients of SBI VC Trade crypto platform as of June 24.
The issuer of JPYSC is SBI Shinsei Trust Bank, with SBI VC Trade handling distribution. Unlike traditional stablecoins, this new instrument has no limit on storage and transfers, making it suitable for corporate settlements and large transactions.
Initially, JPYSC will be used exclusively within the SBI VC Trade infrastructure, but developers believe that it could provide a foundation for cheaper and faster payments compared to traditional financial infrastructure. SBI also anticipates the stablecoin will be used in cross-border transactions through exchanges for dollar-based stablecoins and other digital assets.