XRP Ledger Validators Issue Warning Over Fake JPYSC Tokens

Members of the XRP community are warning users to be cautious of scam tokens claiming to represent JPYSC on the XRP Ledger.

This comes as Japan’s financial giant, SBI Holdings, officially launched JPYSC, a trust-bank-backed yen stablecoin. The development sparked speculation about whether JPYSC could be issued on XRPL.

Warning Over Fake JPYSC Tokens

XRPL validator Vet (Hussein Zangana) cautioned users that JPYSC has not been publicly announced for issuance on the XRP Ledger. So, any token currently using the JPYSC ticker on XRPL should be treated as suspicious.

The warning comes as scammers may try to exploit excitement surrounding the stablecoin. SBI’s long-standing relationship with Ripple and the XRP ecosystem has fueled expectations that JPYSC could interact with XRPL.

Another XRP community member said they have established monitoring systems to track new trustlines from known SBI addresses. The goal is to identify any legitimate issuance activity if it occurs in the future.

JPYSC Launches Within SBI VC Trade

Notably, JPYSC went live on June 24 as a trust-type yen stablecoin issued by SBI Shinsei Trust Bank and distributed through SBI VC Trade. The stablecoin was developed jointly with Startale Group and is currently available only to SBI VC Trade account holders.

Unlike many stablecoins operating under Japan’s money transfer regulations, JPYSC is structured as a trust-bank-backed electronic payment instrument. SBI says this framework removes the ¥1 million transaction cap that applies to certain payment products. 

For now, JPYSC remains confined to SBI VC Trade accounts. Users cannot withdraw it to external wallets or public blockchains.

SBI Preparing for Public Blockchain Expansion

Although transfers are currently restricted, SBI said the technical and operational groundwork for public blockchain circulation has already been completed.

The company stated that once regulatory requirements and tax frameworks are finalized and approved, it plans to enable domestic and international circulation of JPYSC on public blockchain networks.

SBI did not specify which blockchain networks will support JPYSC after the public rollout. As a result, XRP Ledger supporters continue to speculate about a possible future integration.

Because no network has been officially confirmed, community members are urging users to verify issuer addresses before interacting with any token claiming to represent JPYSC.

SBI Targets On-Chain Finance and Tokenization

SBI described JPYSC as part of an effort to connect traditional finance with blockchain-based markets. The company outlined several planned use cases once public-chain deployment begins, including:

• On-chain foreign exchange markets involving yen and dollar stablecoins
• Institutional lending and borrowing
• Settlement of tokenized real-world assets (RWAs)
• Retail and merchant payments
• Cross-border remittances
• OTC and institutional crypto trading

SBI Chairman and CEO Yoshitaka Kitao said the migration of financial services onto blockchain networks is “irreversible”. He described JPYSC as an important step toward building Japan’s on-chain financial infrastructure.

Meanwhile, Sota Watanabe said preparations for external wallet transfers and public-chain circulation are already complete. According to Watanabe, the remaining obstacles are primarily regulatory and tax-related.

For XRP investors, the launch has attracted attention because of SBI’s close ties to Ripple. However, no official announcement has linked JPYSC to the XRP Ledger so far.