SBI Group Joins Japan's Megabank JPY Stablecoin Race

Japan's largest banking groups are chasing JPY stablecoins. Credit: Yusuke Harada/NurPhoto via Getty Images. Key Takeaways Some of Japan’s largest banking and financial groups plan to launch yen-denominated stablecoins. 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 ...