Shinhan Bank’s Japan Unit SBJ to Pursue Yen Stablecoin Pilot With JPYC, LINE NEXT
Summary
- Shinhan Bank’s Japanese unit SBJ Bank said it signed an MOU with JPYC and LINE NEXT for a proof of concept for a yen stablecoin top-up function.
- The three companies said they will integrate the JPYC yen stablecoin, the Unifi digital wallet and their respective infrastructure to cooperate on technical and operational design from account linking to issuance and wallet integration.
- SBJ Bank said it will use the MOU as a starting point for strategic cooperation in the LINE NEXT Web3 ecosystem, Unifi Pay and digital wallets, while pursuing new financial services using JPYC.
Forecast Trend Report by Period
SBJ Bank, Shinhan Bank’s Japanese unit, is pursuing a proof of concept for a yen-denominated stablecoin.
SBJ Bank said on Oct. 21 that it signed a memorandum of understanding with JPYC and LINE NEXT to cooperate on a proof of concept for a yen stablecoin top-up function.
The pilot will use JPYC, the yen stablecoin issued by JPYC. The three companies will provide and support integration of their respective bank account infrastructure, stablecoin issuance and redemption infrastructure, and the Unifi digital wallet infrastructure. They will also cooperate on the technical and operational design spanning account linking, stablecoin issuance and wallet integration.
Separately, SBJ Bank and LINE NEXT agreed to review areas of cooperation that would link banking services with LINE NEXT’s Web3 ecosystem and platform services, including the Unifi digital wallet.
SBJ Bank said it will use the MOU as a starting point to seek strategic cooperation in LINE NEXT’s global Web3 services, Unifi Pay and digital wallets. Based on the pilot using JPYC, it also plans to pursue new financial services.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul