Svmuu News: Japanese financial group SBI Holdings and Startale Group have announced the launch of JPYSC, a yen-pegged stablecoin designed for institutional use and cross-border payment scenarios. The stablecoin will be issued and managed under trust by SBI Shinsei Trust Bank in compliance with Japan’s digital asset regulatory framework. SBI’s trading platform, SBI VC Trade, will serve as the primary distribution channel, while Startale will handle the technical development. Both parties stated that the trust bank support model helps enhance governance and compliance safeguards, promotes the use of the yen in the digital financial system, and provides a compliant alternative to the current market dominated by U.S. dollar-pegged stablecoins. The project is expected to launch in the second quarter of this year following regulatory approval. In recent years, Japan has continued to advance the development of its stablecoin regulatory framework. The 2022 amendment to the Payment Services Act defined fiat-pegged stablecoins as “electronic payment instruments”; last October, Japan approved JPYC’s issuance of a yen-pegged stablecoin. The three major banks—MUFG, SMBC, and Mizuho—have also launched pilot programs for stablecoins and tokenized deposits. (The Block)