SBI Group, Solana Foundation to Launch Japan-Based Onchain Financial Market

 

SBI Group, one of Japan's largest financial companies, has partnered with the Solana Foundation to launch Japan's first on-chain financial markets.

 

According to a press release from SBI Group, the partnership aims to establish Japan as Asia's leading hub for on-chain finance by leveraging the Solana Foundation's Layer 1 blockchain technology and Japan's vast financial market.

 

Image credit: x.com

 

As part of the collaboration, SBI R3 Japan Co., Ltd. will tentatively change its trade name to SBI Solana Group Co., Ltd. Together with its shareholders, SBI Holdings and Sumitomo Mitsui Financial Group, Inc., SBI Group will pursue a new growth strategy that includes developing cross-border settlement infrastructure and supporting the issuance and distribution of stablecoins and tokenized real-world assets (RWAs).

 

SBI Group's partnership with the Solana Foundation comes shortly after the launch of JPYSC, Japan's first yen stablecoin backed by a trust bank. Issued by SBI subsidiary Shinsei Trust, JPYSC was launched to create a regulated, efficient yen based on a chain payment and liquidity infrastructure that bridges traditional finance (TradFi) and on-chain finance.

 

Unlike earlier funds-transfer or prepaid yen stablecoins, JPYSC has no transaction limit, making it suitable for use as a tradable asset by large institutions and corporations. It also offers significantly lower transaction costs than traditional payment methods.

 

JPYSC Lending Coming Soon

 

With the successful launch of the JPYSC stablecoin, SBI Group has announced the JPYSC Lending Service, a fixed-term lending product that allows users to lend their JPYSC holdings to SBI VC Trade, its cryptocurrency exchange subsidiary, and earn yield in return. Applications for the lending program will open on July 16, with the service scheduled to begin on July 23.