Japanese financial giant SBI Holdings Chairman and President Yoshitaka Kitao said that, in the current Japanese yen stablecoin competition, the existing yen stablecoins in the market are “very small in scale and have no influence.” He added that if SBI’s JPYSC is officially launched, the related competing project “may find it difficult to continue.” He also revealed that he had considered acquiring the other company, but ultimately dropped the idea due to the excessively high offer.

Metaplanet CEO Simon Gerovich responded that, including JPYC, SBI’s JPYSC, and pilot programs from Japan’s three major banks, the three are moving yen-related stablecoins on-chain via different approaches. With more than a dozen issuers already coexisting in the U.S. dollar stablecoin market and the overall scale continuing to grow, Japanese yen stablecoins can similarly expand through competition among multiple parties.