SBI Group has received approval from Japan’s Financial Services Agency (FSA) to launch Japan’s first trust-based JPY-pegged stablecoin, “JPYSC.”

TechFlow News, June 23: According to the Nikkei, SBI Group has received approval from Japan’s Financial Services Agency (FSA) to issue the yen-pegged stablecoin “JPYSC” this week, making it Japan’s first trust-based stablecoin. The stablecoin will be issued by SBI Shinsei Trust Bank, traded by SBIVC Trade, and jointly developed with Singapore-based fintech company Startale Group. SBI Group plans to deeply integrate JPYSC with its securities, crypto-asset, and banking services to enhance user convenience.