After SBI Holdings announced the release of its yen-backed digital asset, JPYSC, on June 24, XRP Ledger validators moved swiftly to warn users about counterfeit tokens imitating the name and abbreviation. These warnings intensified after rumors spread that JPYSC had been issued on the XRP Ledger, even though SBI has not confirmed any deployment of JPYSC tokens on XRPL or any other public blockchain.