Add as a preferred source on GoogleJPYC Inc., SBJ Bank and LINE NEXT Inc. Plan Bank-Linked Wallet Test
The proposed test would use SBJ Bank’s account infrastructure and LINE NEXT’s Unifi wallet, with JPYC providing expertise on stablecoin issuance and redemption.
JPYC Inc., SBJ Bank and LINE NEXT Inc. plan to test bank-linked funding for the Unifi digital wallet, assessing whether users can top up a stablecoin wallet from a bank account.
The companies signed a memorandum of understanding Tuesday, Oct. 20, for the proposed proof of concept. JPYC Inc. issues JPYC, a yen stablecoin.
Under the plan, SBJ Bank would contribute its account infrastructure, while LINE NEXT would bring its Unifi digital wallet. JPYC would provide technical support and expertise related to issuing and redeeming the stablecoin as the companies examine the proposed feature.
The top-up would fund a digital wallet from a linked bank account. The feature remains at the proposal stage, with the planned proof of concept set to assess whether that funding process is technically and operationally feasible.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.