Japan's SBI and Startale to launch yen stablecoin JPYSC

Japanese financial giant SBI Holdings and Startale, a Web3 joint venture between Sony and the Astar Network Foundation, have unveiled a Japanese yen stablecoin, JPYSC. According to The Block, JPYSC is a regulatory-compliant stablecoin slated for launch in the second quarter of this year, with issuance managed by SBI Shinsei Trust Bank. SBI's crypto exchange, SBI VC Trade, will act as the distribution partner, while Startale will lead the technology development.