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2026年05月02日

The Truth Behind SBI Kitao's "JPYC Will Fail" Remark — How Trust-Type "JPYSC" Reframes Yen Stablecoin Competition

SBI北尾氏「JPYCは潰れる」発言の真相──信託型「JPYSC」が突きつける円ステーブルコインの構造的競争

Record Earnings Backed by an "Unlimited Transfer" Edge

On May 1, 2026, SBI Holdings reported FY2026/3 consolidated net income of ¥427.5 billion (USD ~2.85B), a 2.6x YoY jump and the highest in four fiscal years. Crypto AUM, anchored by SBI VC Trade, reached ¥1.2 trillion (USD ~8B), among Japan's largest. At the briefing, Kitao reaffirmed that "JPYSC," co-developed with Startale Group, will launch in Q1 of FY2026 (April–June 2026). The issuer is SBI Shinsei Trust Bank, structured as a Type-3 Electronic Payment Instrument (EPI) — a beneficial trust interest — under the revised Payment Services Act. The decisive advantage: no ¥1 million per-transaction cap that constrains JPYC.

The "JPYC Will Fail" Remark in Context

Kitao criticized JPYC as having "trivial circulation and no impact," and disclosed that SBI had previously approached JPYC for acquisition but walked away due to a high asking price. He said: "If we build it and start moving, the other side will fail." The remark reflects confidence in SBI's massive customer base and the structural superiority of an unlimited-cap trust model.

JPYC's Reality — "Small-Ticket, High-Velocity"

JPYC, since its formal issuance on October 27, 2025, has surpassed ¥2.2 billion (USD ~14.6M) in cumulative issuance within six months. Circulating supply is around ¥500 million, holders number ~60,000, and growth in the past three months ran at 2.6x. Daily trading volume sometimes exceeds the circulating balance — a "moving currency" with real velocity. In February 2026, JPYC closed a ¥1.78 billion (USD ~11.9M) Series B first close, signed an MOU with Sony Bank, was adopted in LINE NEXT's "Unifi" wallet, and expanded to physical merchants like Chibo. CEO Noritaka Okabe targets ¥10 trillion in outstanding issuance within three years.

Competitive Geometry: B2B Large-Ticket vs. Retail Small-Ticket

JPYSC is built for inter-company settlement, tokenized assets, and cross-border wires; JPYC leads in retail payments, Web3-native flows, and high-frequency micro-transactions. The two operate under different legal categories (Type-1 vs Type-3) and different use cases — pointing toward market layering, not head-on collision.

[Business Development Insights]

  1. "Regulation Defines Competitive Edge" — Japan's EPI framework splits into Type-1 (money-transfer, ¥1M cap) and Type-3 (trust, no cap). Choosing the right legal category at the design stage determines whether B2B large-ticket or retail high-frequency is the addressable market — a foundational, not cosmetic, decision.
  2. The "Captive Ecosystem × Stablecoin" Flywheel — SBI couples ¥1.2 trillion in crypto AUM, 15 million SBI Securities accounts, and the planned consolidation of Bitbank into a unified payment-trading-custody perimeter. The real moat is not the token product itself, but the liquidity and distribution wired into the group's customer base.
  3. The Rivalry Isn't Zero-Sum — Kitao's "they'll fail" line is dramatic, but JPYC's ¥2.2B retail footprint and JPYSC's B2B large-ticket arena rarely overlap in practice. New entrants have ample room to position via API integration, retail/enterprise segmentation, and chain choice (Polygon, Strium, etc.).

[Sources]

Supervisor

Akihisa Ishida

Cabinet Inc. Founder CEO

Since 2017, He has been consistently engaged in token and NFT utilization, blockchain game planning and development, and NFT-based business development. Having contributed to over 80 blockchain products—including projects for major entertainment companies listed in Tokyo Stock Exchange —He has served in various key roles such as Business Lead, Designer, PM, and Advisor. In 2021, founded Cabinet Inc.

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