[Sumitomo Mitsui Financial Group (FG) to Invest 5% in SBI-Startale Joint Venture to Advance Yen Stablecoin JPYSC] BlockBeats reports that on October 30th, Sumitomo Mitsui Financial Group will invest approximately 5% in SBI Startale Marketing, a joint venture between SBI Holdings and Startale Group. The investment is expected to be completed soon. Sumitomo Mitsui Financial Group (FG) and SBI are collaborating on capital operations, aiming to leverage their respective customer bases to develop financial services using the yen stablecoin JPYSC for asset management and payments. The joint venture will be responsible for JPYSC application planning and blockchain financial product development. Sumitomo Mitsui Financial Group (FG)'s participation will further expand its circulation and uses. JPYSC is issued by SBI Shinsei Trust Bank and circulated by SBI VC Trade. It is a trust-type yen stablecoin, available since June 24th, with an outstanding balance of approximately 20.8 billion yen as of October 30th. Sumitomo Mitsui Banking Corporation (SMBC) has approximately 24 million individual customers and may consider using JPYSC for blockchain financial product settlements and instant settlements in the future. SMBC is also collaborating with Mitsubishi UFJ and Mizuho on the joint issuance of stablecoins, and on October 16th, it announced that a pilot test confirmed the feasibility of the joint issuance model. [Original Link]