SBI Holdings Chairman and CEO Yoshitaka Kitao has criticized the current yen stablecoin market, describing existing offerings as "small and lacking influence." He suggested that once SBI's JPYSC stablecoin is operational, competing projects may struggle to continue. Kitao also mentioned that SBI considered acquiring a competitor but abandoned the plan due to high costs. Metaplanet CEO Simon Gerovich responded by highlighting the diverse approaches to yen stablecoins, including JPYC, SBI's JPYSC, and pilot projects by Japan's three major banks. He noted that, similar to the U.S. dollar stablecoin market, which supports multiple issuers and continues to grow, the yen stablecoin market could also expand through competition.