Shortly after SBI Holdings launched the yen-pegged stablecoin JPYSC on its SBI VC Trade platform on June 24, community members on XRP Ledger (XRPL) detected counterfeit tokens bearing the same ticker. The fake JPYSC tokens have raised red flags among validators and users alike.
XRPL Validator Warns of Imitation Tokens
Hussein Zangana, an XRPL validator known as Vet, stressed that SBI has not made any public announcement regarding the issuance of JPYSC on XRPL. He advised users to exercise extreme caution with any asset appearing under the JPYSC code on the network unless its origin can be definitively verified. Vet stated: “No public statement has been made by SBI on the issuance of JPYSC on XRPL. Users are urged to independently verify any asset using the JPYSC name before trading.”
Other community members reported monitoring trustline activity linked to known SBI addresses. This oversight could help distinguish legitimate on-chain actions from fraudulent ones if SBI ever issues an official token. Validators highlighted the importance of checking the issuing address, trustline records, and token metadata for authenticity.
The ease of creating imitation tokens on public ledgers was a central theme of the warnings. Since anyone can create a token with a familiar name or ticker, community members cautioned that tokens should not be considered genuine based solely on branding. Only official channels can confirm authenticity.
JPYSC Still Confined to SBI VC Trade Platform
At present, JPYSC is only available to account holders on SBI VC Trade. Token holders cannot transfer it to external wallets or public blockchain networks. SBI has not disclosed which public ledger it may eventually use for open transfers. Consequently, speculation about JPYSC operating on XRP Ledger remains unsubstantiated without official confirmation.
SBI Chairman and CEO Yoshitaka Kitao recently stated that blockchain adoption in finance is now an irreversible trend. Startale founder Sota Watanabe indicated that while technical requirements for external wallet transfers are complete, pending matters are primarily tax and regulatory. SBI confirmed that technical and operational preparations for public blockchain circulation are done, but wallet and network transfers await regulatory approvals.
Investors should verify that any token claiming to be JPYSC is issued by SBI Shinsei Trust Bank and pay close attention to official SBI announcements. Until SBI officially enables transfers to public chains, any JPYSC token outside SBI VC Trade is likely fraudulent.