According to CoinMeta, and as announced by jpyc, the Japanese yen stablecoin issuer jpyc has signed a cooperation memorandum with sbj Bank of Japan, which is part of Shinhan Bank of Korea, as well as line and next. They plan to carry out a proof-of-concept (PoC) for direct top-up of yen stablecoins from bank accounts to digital wallets. Under the agreement, sbj Bank is responsible for providing bank accounts and payment infrastructure, line and next will provide their unifi wallet and unifi pay technologies, while jpyc will offer support for the issuance and redemption of yen stablecoins. jpyc is a regulated yen stablecoin issuer in Japan; its tokens are pegged 1:1 to the Japanese yen and are backed by bank deposits and Japanese government bonds.