According to CoinMeta, as reported by the Nihon Keizai Shimbun, Sumitomo Mitsui Financial Group plans to invest 5% in the joint venture “SBI Startale Marketing” controlled by SBI and Startale Group, and will also carry out capital and business cooperation with SBI. Utilizing the customer base of this joint venture, they aim to develop financial services that use the Japanese yen stablecoin JPYSC for asset management and payments. With the participation of Sumitomo Mitsui Financial Group, the joint venture plans to expand the circulation and uses of JPYSC. Sumitomo Mitsui Bank will also explore the possibility of using it for on-chain financial product settlements and real-time settlements in the future. JPYSC is issued by SBI Shinshin Trust Bank and is managed in circulation by SBI VC Trade. It was launched on June 24th, and as of October 30th, the issuance balance was approximately 20.8 billion yen.