Japan’s Biggest Banks Plan Joint Stablecoin Launch #

The banking arms of Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group plan to jointly issue stablecoins during the fiscal year ending in March 2027. The three banks will establish a council to develop the operational framework and prepare for issuance, with Japan’s Financial Services Agency supporting the project’s experimental stage

The initiative signals growing institutional interest in blockchain-based payments in Japan, where cash and credit cards remain dominant. It follows the launch of yen-pegged stablecoins by JPYC in October 2025 and a proposal from Japan’s ruling party to promote yen-based stablecoins for settlement across Asia.

Reuters