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SBI VC Trade, the cryptocurrency exchange of Japanese financial group SBI Holdings, said on its official website that user deposits of the yen stablecoin JPYSC on the exchange had surpassed ¥10 billion ($58.2 million) as of today. Including both on-chain balances and exchange deposits, the total exceeded ¥30 billion ($174.6 million).
SBI VC Trade began offering JPYSC in June and launched a service in July that lets users deposit their JPYSC with the exchange to earn lending fees. The exchange also plans to use JPYSC for on-chain financial services once legal revisions and other steps allow the stablecoin to be used on public blockchains.