“The real price is the yen side of the onchain settlement, one of the most strategic positions in Asian finance in the coming decade, and that is exactly what SBI is building towards,” he added.
A technical limitation remains. JPYSC does not yet support withdrawals to external wallets.
“Regarding 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, it limits JPYSC’s use outside of SBI’s own platform. Investors cannot yet move stablecoin to external wallets or use it to settle transactions across 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 signals confidence in the future architecture of global finance,” Watanabe told CoinDesk.
He said blockchain is increasingly viewed as financial infrastructure rather than a new technology, adding that Japan is well positioned to lead the sector due to its regulatory framework and financial institutions.
SBI extension
SBI agreed to buy Tokyo-based cryptocurrency exchange Bitbank for about $289 million in June. The acquisition is expected to be completed in October, subject to regulatory approval. SBI previously bought crypto exchange Bitpoint in 2022. The firm also led a $76 million Series C funding round for institutional exchange EDX Markets and a $25 million Series C round for crypto risk manager Gauntlet, the spokesperson said.
