“The real prize is the yen side of on-chain settlement, one of the most strategic positions in Asian finance over the coming decade, and this is exactly what SBI is moving towards,” he added.
A technical limitation remains. JPYSC does not yet support withdrawals to external wallets.
“As for JPYSC, its use is currently limited to accounts within SBI VC Trade, and it does not yet support withdrawals to external wallets or remittances and settlements via public blockchains,” the spokesperson said.
For now, this limits the use of JPYSC outside of SBI’s own platform. Investors cannot yet move the stablecoin to external wallets or use it to settle transactions on public blockchains.
Sota Watanabe, CEO of Startale Group, which is working with SBI Holdings on JPYSC, said the company’s continued investment in digital assets reflects what he sees as growing institutional confidence in blockchain infrastructure.
“SBI Holdings’ continued commitment to digital assets likely speaks to confidence in the future architecture of global finance,” Watanabe told CoinDesk.
He said blockchain is increasingly seen as financial infrastructure rather than an emerging technology, adding that Japan is well-positioned to lead the sector thanks to its regulatory framework and financial institutions.
SBI Extension
SBI agreed to buy Bitbank, a Tokyo-based cryptocurrency exchange, for around $289 million in June. The acquisition is expected to close in October, subject to regulatory approval. SBI previously acquired crypto exchange Bitpoint in 2022. The company also led a $76 million Series C funding round for institutional exchange EDX Markets and a $25 million Series C funding round for crypto risk manager Gauntlet, the spokesperson said.
