Sumitomo Mitsui FG: plans to invest 5% in the joint venture with SBI and Startale, promoting the Japanese yen stablecoin JPYSC

Sumitomo Mitsui Financial Group will invest approximately 5% in the joint venture SBI Startale Marketing, a collaboration between SBI Holdings and Startale Group, with the related investment to be completed soon. Sumitomo Mitsui FG and SBI are developing capital business partnerships, intending to leverage their customer base to develop financial services using the yen stablecoin JPYSC for asset management and payment scenarios.

The joint venture is responsible for the planning of JPYSC applications and the development of blockchain financial products. After Sumitomo Mitsui FG's participation, the circulation and usage will further expand. JPYSC is issued by SBI Shinsei Trust Bank, with SBI VC Trade responsible for its circulation. It is a trust-type yen stablecoin that started offering on June 24, with an issuance balance of approximately 20.8 billion yen. Sumitomo Mitsui Bank has about 24 million individual customers and may consider using JPYSC for blockchain financial product settlements and instant settlements in the future.

Sumitomo Mitsui Bank is also advancing the joint issuance of stablecoins with Mitsubishi UFJ, Mizuho, and others, and has announced empirical experiments to confirm the feasibility of the joint issuance model.