The global stablecoin market has long been a dollar-dominated space, and for good reason. The infrastructure, liquidity, and trust built around dollar-pegged coins took years to develop. Now Japan is stepping into the ring with something that could, at least in theory, start shifting some of that weight. SBI Group has officially moved to issue the JPYSC stablecoin, making it Japan’s first trust bank-backed yen stablecoin and the country’s clearest signal yet that it is serious about participating in the digital asset settlement economy at an institutional level.