SBI partners Solana to create an onchain exchange, while Startale launches stablecoin lending.
Japan is seeing more stablecoin related developments as SBI officially partners Solana to scale digital assets and create a dedicated exchange.
Also, Startale announces 16th July as the first date when stablecoin lending using the JPYSC stablecoin becomes available.
SBI Tags Solana Network For Onchain Assets
SBI is continuing to build momentum for its digital asset strategy.
Their latest venture includes building directly with one of the top networks for bringing financial assets onchain – Solana. According to their press release, a new exchange is expected to be built called “SBI Solana Global Co., Ltd.” in partnership with SMFG (Sumitomo Mitsui Financial Group).
SMFG was also involved in recent talks to launch a joint stablecoin with other banks.
The main plan is to enable distribution of various onchain assets, including stablecoin issuance such as JPYSC, as well as the settlement and infrastructure for the tokenization of real world assets (RWAs). Among the latter bonds, funds and real estate are mentioned.
More details such as exchange fees, investor eligibility, account types, as well as full trading pairs are not yet disclosed.
JPYSC Stablecoin Lending Now Available
Startale has also had a series of key updates.
Among these, is the anticipated progression of the JPYSC stablecoin that was recently launched together with SBI group as a contender to the Yen-backed stablecoin market.
Specifically, Startale has officially announced that its lending product across its platform will be available from 16th July. This means that users will be able to borrow against their JPYSC holdings, currently offered at a 3% yield rate over 3 months, with lower rates also available.
With that, the technology infrastructure company has unveiled an “Onchain Finance” operating stack for institutions to integrate into their operations.
Under the Startale OFK Framework, clients are able to plug into improved onchain systems, including treasury management, stablecoin reporting, wallet and custody services, privacy features, as well as settlement over Strium and Soneium blockchain networks.
Additionally, Startale will be releasing a Startale spending card, which allows users to spend their Soneium balance and earn in their native USDSC for stablecoin cashback.
