JPYC has signed a memorandum of understanding with Korean-affiliated SBJ Bank and LINE NEXT and will consider a proof of concept for charging JPYC by linking bank accounts with Unifi wallets. The 3 parties will verify interoperability for issuance, redemption and payment infrastructure.
JPYC, the issuer of the yen-denominated stablecoin JPYC, announced that it had signed a memorandum of understanding on a business partnership with SBJ Bank, the Japanese subsidiary of Korean-affiliated SBJ Bank, and LINE NEXT. The parties will collaborate on a proof of concept for a system linking bank accounts with digital wallets to charge JPYC.
The 3 companies will combine bank accounts, JPYC issuance and redemption, and wallet infrastructure to verify technical and operational feasibility. JPYC provides a mechanism that can be exchanged for Japanese yen at a 1:1 ratio through issuance and redemption. They will also verify use of LINE NEXT’s Unifi wallet and its connection to bank accounts.
Under the division of roles, SBJ Bank will provide bank accounts and banking infrastructure. LINE NEXT will provide digital services, including Unifi, and blockchain technology, while JPYC will provide technical support relating to issuance and redemption. Following the proof of concept, commercialization of remittance and payment services and joint promotion will also be considered.