JPYC, SBJ Bank, and LINE NEXT Launch PoC for Yen Stablecoin Top-Ups

According to an official announcement from JPYC, yen stablecoin issuer JPYC has signed a memorandum of understanding with SBJ Bank, a Japanese subsidiary of South Korea's Shinhan Bank, and LINE NEXT to conduct a proof of concept for direct top-ups of yen stablecoins from bank accounts to digital wallets. Under the division of roles, SBJ Bank provides bank accounts and payment infrastructure, LINE NEXT provides its Unifi wallet and Unifi Pay technology, and JPYC provides yen stablecoin issuance and redemption support. JPYC is a regulated yen stablecoin issuer in Japan, with its token pegged 1:1 to the yen, backed by bank deposits and Japanese government bonds.