Three of Japan's biggest banks announced plans to jointly issue a stablecoin by March 2027. MUFG, SMBC and Mizuho will form a council to develop the necessary frameworks.
Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group said they will act as joint settlors for the stablecoin. A trust bank or similar institution will serve as trustee, according to a statement on MUFG's website. The banks will establish a council to explore operational frameworks and prepare for issuance in fiscal year 2026, which ends in March 2027. Japan's Financial Services Agency signaled support for the project last November. The ruling Liberal Democratic Party has also called for greater promotion of yen-based stablecoins. Yen-pegged tokens currently hold less than $50 million in the $311 billion stablecoin market.
