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Japan has just put the yen on the blockchain.
SBI launched JPYSC today. The first yen stablecoin backed by a regulated trust bank.
Here is the part nobody is talking about.
Every previous yen stablecoin had a hard cap: 1 million yen per transaction, about $6,500.
JPYSC has no cap.
This change unlocks the possibility of corporate settlement, on-chain FX, and institutional lending.
The dollar has long dominated the stablecoin market. Japan has just opened a different door.
And the three big banks chasing this are still two years away.
Something is brewing.