Yoshitaka Kitao, Chairman and CEO of Japanese financial giant SBI Holdings, commented on the competition surrounding yen stablecoins, stating that the existing yen stablecoins in the market are 'small in scale and lack influence.' He added that if SBI's JPYSC goes live, competing projects 'might find it difficult to continue.' Kitao also revealed that he had considered acquiring a rival company but ultimately abandoned the idea due to the high asking price. Metaplanet CEO Simon Gerovich responded, noting that JPYC, SBI's JPYSC, and the pilot programs from Japan's three major banks are all taking different approaches to bring the yen on-chain. While the U.S. dollar stablecoin market already has over a dozen issuers coexisting and continues to grow in scale, yen stablecoins can similarly expand through multi-party competition. https://(x.com)/gerovich/status/2051112580593356922?s=46