Key Insights:
- Metaplanet CEO has affirmed support for yen stablecoin initiatives.
- Ripple partner SBI Holdings is set to launch its JPYSC yen-pegged stablecoin in Q2 of 2026.
- Currently, JPYC is the market leader as it’s the first regulated yen stablecoin launched in the Japanese market.
Metaplanet CEO Simon Gerovich has extended his support for the new yen-backed stablecoins. His statement comes as Ripple affiliate SBI Holdings continues to speed up plans to launch its yen stablecoin in 2026.
Metaplanet CEO Supports Yen Stablecoin Initiatives
In a recent post on X, Metaplanet CEO Gerovich pointed to the increasing variety of projects that are looking to bring the Japanese yen on-chain. He cited various efforts, among them being JPYC, JPYSC, and the pilot project by banks.
He wrote, “I’m rooting for all the yen stablecoins set to launch in 2026.” The Metaplanet CEO added, “With dollar-denominated ones, a dozen or so issuers stand side by side as the overall market expands. Yen can be the same.”
The Metaplanet CEO made the comments at a time when competition in the stablecoin industry in Japan is heating up. The SBI Holdings CEO Yoshitaka Kitao has been much more aggressive as he openly criticized current players.
In a recent interview, Kitao dismissed the rival JPYC stablecoin and said, “it has no real impact.” He even implied that when SBI launches its own product, competitors will have a hard time surviving. “Once we launch and get moving, they might collapse,” he said.
He also spotlighted the possible acquisition of the JPYC, which was later abandoned due to valuation issues. Kitao said, “We thought about buying them, but the price they asked was too high, so we walked away.”
About Ripple-Backed SBI’s Yen Stablecoin Launch
Amid Metaplanet CEO’s backing, it’s important to know that the SBI-based JPYSC stablecoin project is in the works under collaboration with Startale Group. The project aims to work within the regulatory environment of Japan.
Meanwhile, Shinsei Trust & Banking will handle JPYSC’s issuance and redemption. In addition, SBI VC Trade will make it easy to distribute and promote the stablecoin’s use via its licensed crypto platform.
Ripple affiliate SBI’s planned rollout eyes the second quarter of 2026 but is subject to regulatory approvals. Hence, the Metaplanet CEO mentioned eagerly waiting for the launch.
SBI has framed the stablecoin as a key element of Japan’s move towards a tokenized economy. It boasts applications across cross-border payments, tokenized assets, and institutional settlement systems.
At the regulatory level, Japan is actively supporting experimentation. The Financial Services Agency in the country has launched a sandbox program that deals with next-generation payment infrastructure.
In this effort, three large banking groups, namely Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group are working on a yen-backed pilot stablecoin project.
The project aims to standardize the transfers between the corporate clients as well as enhance efficiency in domestic payments.
SBI differentiates its stablecoin via programmability and promotes international uses. The company is also progressing with a multi-currency strategy. Simultaneously, Ripple has revealed intentions to launch its RLUSD stablecoin in Japan in 2026. The launch will focus on enterprise uses.
The first yen-pegged stablecoin in the country is JPYC. It functions under the Payment Services Act in Japan as a prepaid payment instrument.
Although it holds the first-mover advantage, it is now experiencing great pressure from JPYSC and the three banks that have entered the space.
