Sumitomo Mitsui Financial Group to Acquire 5% Stake in SBI-Startale Joint Venture to Advance Japanese Yen Stablecoin JPYSC Adoption

on October 30, according to the Nikkei, Mitsui Sumitomo Financial Group (SMFG) plans to acquire a 5% stake in SBI Startale Marketing, a joint venture established by SBI Holdings and Startale Group, in the near future. Both parties intend to leverage SMFG’s customer base to promote the adoption of the yen stablecoin JPYSC in financial services such as asset management and payments.

Issued by SBI Shinsei Trust Bank and distributed by SBI VC Trade, JPYSC operates under a trust-based issuance model and was officially launched on June 24. As of October 30, its outstanding balance had reached approximately 20.8 billion yen. With around 24 million individual customers, Mitsui Sumitomo Bank will also explore using JPYSC for the settlement of on-chain financial products and instant payments in the future.