Japanese Banks Collaborate On New Stablecoin

CryptoProwl

Wed, June 10, 2026 astatine 10:30 AM CDT 1 min read

Japan's 3 largest banks are collaborating connected a caller stablecoin that they program to motorboat by March 2027.

In a associated connection released, MUFG Bank, Mizuho Bank (NYSE: $MFG), and Sumitomo Mitsui Banking Corporation (NYSE: $SMFG) said that they program to contented the stablecoin nether a spot agreement.

The 3 banks volition service arsenic associated settlors for the stablecoin, which volition beryllium pegged to the Japanese yen currency. 

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The banks added that they purpose to motorboat unrecorded stablecoin transactions and volition found a assembly to analyse operational frameworks and governance related to the stablecoin's issuance.

The 3 banks archetypal joined forces past autumn to aviator the stablecoin project, examining however aggregate banking groups tin jointly contented stablecoins.

Last November, Japan's Financial Services Agency (FSA) officially supported the banks' initiative, saying the stablecoin task aims to verify whether specified a strategy tin beryllium executed lawfully and successfully.

The associated task reflects increasing request for yen-denominated stablecoins aft Japan clarified its stablecoin regulations successful 2023. 

This volition not beryllium Japan's archetypal stablecoin. In October 2025, fintech steadfast JPYC launched the country's archetypal legally recognized yen-denominated stablecoin (CRYPTO: $JPYC).