SBI Group Joins Japan's Megabank JPY Stablecoin Race [Yahoo! Finance]
SUMITOMO MITSUI TR S/ADR (SUTNY)
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Source: Yahoo! Finance
Earlier this year, Japan's three “megabank” conglomerates started developing a JPY stablecoin. Now, SBI Holdings has entered the race, too. Since the launch of the first JPY-backed stablecoin in October, each of Japan's “megabank” financial conglomerates has now staked a claim for territory in the new market. Following Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho, on Tuesday, Dec. 16, SBI Group announced plans to launch a new coin in the second quarter of 2026. Tokyo initially laid the groundwork for yen stablecoins in 2023, when amendments to the Payment Services Act (PSA) established a legal framework for the issuance and redemption of these coins. The first issuer to receive regulatory approval was JPYC Inc., which debuted its namesake token earlier this year. After JPYC fired the starting gun on Japan's stablecoin race, the country's heavyweight banking groups weren't far behind. An existing collaboration between the three megabanks—Mitsubishi UFJ, Sumitomo Mitsui, a
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