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Crypto
SBI Shinsei Bank to launch cryptocurrency reward program
SBI Shinsei Bank, part of Japan\'s SBI Group, plans to launch a cryptocurrency rewards programme for deposit customers this autumn, The Block reported, citing Nikkei. Depositors will receive vouchers equal to 20 percent of interest payments, which can be exchanged for cryptocurrencies including bitcoin, ether and XRP. Customers must open an account with SBI VC Trade. The bank will run a three-month pilot from June 10.
Crypto
SBI, Startale unveil yen stablecoin JPYSC, aim for official launch in Q2
SBI Holdings and Startale Group have unveiled JPYSC, a yen stablecoin aimed at institutional and cross-border payments, CoinDesk reported on Feb. 27. Startale said JPYSC complies with Japan’s domestic digital asset regulations and is the country’s first trust bank-linked stablecoin, with issuance managed by SBI Shinsei Trust Bank. SBIVC Trade will be a key distribution partner, while Startale leads development. The companies are targeting a Q2 launch, pending regulatory approval.
Crypto
Japan\'s yen moves onto blockchain as major financiers, regulators step up stablecoin push
Japan\'s regulators and related companies are working to overhaul the financial system to boost stablecoins and the Web3 economy, Cointelegraph reported. SBI Group\'s Web3 strategy centres on a yen stablecoin and a blockchain called Streamium for settlement of securities and real assets, while seeking government approval. SBI and Startale Group plan to launch JPYSC to bring carry trades on-chain. Existing yen stablecoin JPYC is small, and retail participation is weak due to crypto taxes.
