SBI Launches Japan's First Trust-Based Stablecoin Amid Market Volatility

SBI is set to issue Japan's first trust-based yen-pegged stablecoin this week, marking a significant development in the country's cryptocurrency landscape.

The move comes as the crypto market faces notable upward pressure with a drop in buyers' conviction triggering some profit-taking. Despite this, Bitcoin and Ethereum prices remain relatively stable at around $63,500 and $1,730 respectively, while the overall market capitalization has dropped to $2.18 trillion.

The fear and greed index remains stuck at 22, indicating a fragile market prone to cascading liquidation. Long liquidations and ETF outflows are cited as major catalysts for the drop in prices.

In contrast, some altcoins like DeXe have seen significant gains, with its price rising by nearly 62% in the past 24 hours to reach $22. The influx of volume has increased by over 430%, and a breakout above resistance could trigger a strong rise to $28.80.