SBI Debuts Trust-Type Yen Stablecoin, US CBDC Ban Heads to Trump, Bitcoin Near $63K

Crypto News

SBI Group has issued JPYSC, the first trust-type yen-pegged stablecoin in Japan, opening early access within SBI VC Trade accounts on June 24. Co-developed with Singapore-based Startale Group, the token is issued by SBI Shinsei Trust Bank and classified as a third-type electronic payment instrument, exempting it from the one-million-yen transfer cap that constrains money-transfer-type tokens. On-chain data on Ethereum shows initial issuance climbing into the billions of yen, with the firms targeting 10 billion JPYSC on day one. Unlike conventional algorithmic stablecoins, JPYSC is fully backed by trust-managed assets, positioning it for institutional settlement, on-chain FX, and tokenized real-world-asset transactions.

In Washington, the US Senate passed the 21st Century ROAD to Housing Act by 85 votes to 5, and the House followed a day later by 358 to 32, sending the sweeping housing bill to President Trump for signature. Tucked inside the legislation is a clause barring the Federal Reserve from directly or indirectly issuing a central bank digital currency, or any substantially similar asset, through December 31, 2030. The bipartisan measure, led by Senator Tim Scott, also carves out room for dollar-denominated stablecoins that are open and permissionless. Republicans had pursued a CBDC ban for years on surveillance and privacy grounds, and the bill now awaits an expected signature.

Anchorage Digital launched a tokenized-deposit infrastructure for banks, giving institutions round-the-clock settlement and clearing without ripping out legacy core systems. The platform runs a blockchain ledger in parallel with existing rails, recording balances in a Blockchain Deposit Account reconciled against a tokenized-deposit demand account. According to the company's official announcement, smart-contract rule sets, wallet and key-custody APIs, and mint-and-burn endpoints let banks deploy new capabilities in weeks rather than years, while customer identifying information never leaves the institution. Anchorage, the first federally chartered crypto bank under a US OCC national trust license, frames the product as a bridge between regulated deposits and on-chain programmability.

Japan's tokenization push deepened as Zenith, an Ethereum-compatible execution layer and one of the Canton Network's super-validators, joined a Progmat-led working group studying tokenized government bonds and on-chain repo. The group, convened in May, gathers the three megabanks, BlackRock Japan, State Street Trust and Japan Exchange Group to test settling repo trades using tokenized JGBs as collateral and stablecoins as cash through lending protocols such as those modeled on Aave. Japan's roughly 1.6 trillion-dollar repo market currently clears on a T+1 basis; the group aims for 24/7 T+0 settlement, with a report covering legal and tax treatment due in October.

In South Korea, life insurer Kyobo Life completed a proof-of-concept with blockchain firm EQBR for collecting premiums and paying claims in a won-denominated stablecoin, billed as a first for the country's insurance sector. Over a twelve-week trial, the firms demonstrated automatic premium payment from a digital wallet, with transactions reflected in Kyobo's existing systems in real time. The company says commercialization could let policyholders pay and receive funds without bank transfers or card processing, while immutable on-chain records simplify reconciliation and trim intermediary costs. Kyobo framed the work as pre-emptive groundwork ahead of formal won-stablecoin legislation, with further pilots planned.

Risk assets sold off sharply into the session. The Philadelphia Semiconductor Index plunged nearly 8% and the Nasdaq dropped 2.2% as markets priced renewed Federal Reserve rate-hike risk, dragging Asian equities lower. Bitcoin slid toward $62,600, with spot Bitcoin ETFs registering roughly $717 million in outflows, while Ether underperformed near $1,666 — still far below its all-time high — after the Ethereum Foundation disclosed a 20% headcount cut. Adding to the unease, UK Prime Minister Keir Starmer resigned on June 22 and WTI crude fell to three-month lows as US-Iran de-escalation reopened Hormuz traffic. Liquidity tightened across altcoin markets, with Solana and major tokens caught in the broad de-risking.

COINOTAG reads the day's events as a single arc: while macro fear grips spot markets, the institutional plumbing for tokenized money keeps advancing on its own clock. Our aggregate market data underscores the disconnect — the Fear and Greed Index sits at 17, deep in extreme-fear territory, Bitcoin dominance has climbed to 70.3%, and total crypto market capitalization stands near $1.79 trillion as capital rotates defensively. With the live spot near $63,000 and ETFs bleeding, traders are de-risking even as trust-backed yen tokens, bank-grade tokenized deposits and CBDC-ban legislation reshape the regulated rails. The gap between fearful price action and structural buildout rarely persists; one usually resolves toward the other.