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Japan’s Sumitomo Mitsui Financial Group plans to acquire about a 5% stake in SBI Startale Marketing, a joint venture between SBI Holdings and Startale Group, NADA News reported. The sides also plan to cooperate on developing asset management and payment services using the yen-denominated stablecoin JPYSC.
Sumitomo Mitsui Banking Corp. also plans to examine the use of JPYSC for blockchain-based financial product settlement and real-time clearing in the future.