Sota Watanabe: will launch a bank backed Japanese yen stablecoin, JPYSC

Sota Watanabe, CEO of Startale, a Japanese Web3 infrastructure company, announced that it will launch the world's first bank backed Japanese yen stablecoin, JPYSC, within a few months. The goal is to use the yen as the lowest cost financing currency to invest in high growth assets such as US stocks on the chain. In March of this year, Startale Labs announced the completion of a $630 million Series A funding round, led by Sony Innovation Fund, with participation from Samsung Next, UOB Venture Management, and SBI Holdings.