Sumitomo Mitsui Financial Group Plans 5% Stake in SBI and Startale Joint Venture to Advance Japanese Yen Stablecoin JPYSC Applications

TechFlow reported on Oct. 30 that, according to Nikkei, Sumitomo Mitsui Financial Group (SMFG) plans to soon take a 5% stake in SBI Startale Marketing, a joint venture established by SBI Holdings and Startale Group. The two parties intend to leverage SMFG's customer base to promote the use of the Japanese yen stablecoin JPYSC in asset management, payments and other financial services.

JPYSC is issued by SBI Shinsei Trust Bank and distributed by SBI VC Trade. It adopts a trust-based issuance model and was officially launched on June 24. As of Oct. 30, its outstanding issuance balance had reached approximately 20.8 billion yen. Sumitomo Mitsui Banking Corporation has about 24 million individual customers, and the parties will also explore using JPYSC for settlement of on-chain financial products and instant payments in the future.

Source: TechFlow