“The real prize is the yen side of on-chain settlement, one of the most strategic positions in Asian finance over the next decade, and that is exactly what the SBI is heading towards,” he added.
One technical limitation remains. JPYSC does not yet support withdrawals to external wallets.
“With respect to JPYSC, its use is currently limited to accounts within SBI VC Trade, and does not yet support withdrawals to external wallets or remittances and settlements via public blockchains,” the spokesperson said.
For now, that 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 works 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 indicates 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 due to its regulatory framework and financial institutions.
Expansion of the SBI
SBI agreed to buy Bitbank, the 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 cryptocurrency 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 round for crypto risk manager Gauntlet, the spokesperson said.
