Japan's Three Largest Banks Eye Joint Stablecoin Issue by March 2027
The banks are close to a formal agreement and will set up a council to handle operations as yen tokens remain a small market share, reports said.
- Japan's three largest banks—MUFG Bank, Sumitomo Mitsui Banking Corporation , and Mizuho Bank—plan to co-issue a yen-pegged stablecoin before March 2027, creating a dedicated council to manage operations and commercial uses.
- Last November, Japan's Financial Services Agency signaled support for stablecoin development; the ruling Liberal Democratic Party recently advocated for the state to promote yen-based tokens.
- Tokens pegged to the yen account for less than $50 million of the $311 billion sector, while Tether's USDT and Circle Internet's USDC command an 84% combined market share.
- Under the proposed framework, the three banks will act as "joint settlors and a trust bank or similar institution will act as trustee," according to reports.
- Securitize CEO Carlos Domingo argues that bringing tokenized equities and ETFs on-chain could unlock a market far larger than today's roughly $30 billion sector, potentially growing to $5 trillion.
24 Articles
24 Articles
The three largest banks in Japan are taking a decisive step towards the integration of the stablecoins into the traditional financial system. MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corporation (SMBC) announced that they plan to start real commercial transactions using a jointly issued stablecoin during fiscal year 2026, which ends in March 2027. The initiative represents one of the most ambitious digital currency projects in the worl…
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Japan’s Top 3 Banks Floats Yen-Pegged Stablecoin
Key Insights Stablecoin news: Japan’s three largest banks are discussing a joint yen-backed stablecoin. The country’s financial regulator is also involved and reportedly encouraged the collaboration. Stablecoins adoption is increasing aggressively as regulations mature. The development marks one of the biggest stablecoin news stories from Japan this year, as traditional financial institutions deepen their involvement in digital asset infrastruc…
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