“The real prize is the yen side of onchain settlement, one of the most strategic positions in Asian finance over the coming decade, and that is exactly what SBI is building toward,” he added.
One 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, that limits JPYSC’s use outside SBI’s own platform. Investors cannot yet move the stablecoin to external wallets or use it to settle transactions across 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 signals confidence in the future architecture of global finance,” Watanabe told CoinDesk.
He said blockchain is increasingly being viewed 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.
SBI expansion
SBI agreed to buy Tokyo-based cryptocurrency exchange Bitbank 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 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.