Japan's three largest banks aim for joint stablecoin issue by March

FinanceShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailJapan's three largest banks aim for joint stablecoin issue by MarchMUFG, SMBC and Mizuho will establish a council to explore operational frameworks and prepare for the issuance of stablecoins.By Jamie Crawley|Edited by Sheldon Reback Jun 10, 2026, 9:01 a.m. 1 min readMake preferred on What to know: Japan's largest banks said they will issue jointly issue a stablecoin by March 2027.MUFG, SMBC and Mizuho will establish a council to explore operational frameworks and prepare for the issuance of stablecoins.Three of Japan's largest banks said they will jointly issue a stablecoin this financial year, which ends in March.Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMBC) and Mizuho Financial Group will establish a council to explore operational frameworks and prepare for the issuance of stablecoins, according to a statement on MUFG's website. The three banks will act as "joint settlors and a trust bank or similar institution will act as trustee," the statement said.Japan's Financial Services Agency (FSA) signaled support for the development of a stablecoin by the three banks last November. More recently, the ruling Liberal Democratic Party (LDP) said the state should promote the usage of yen-based stablecoins.Stablecoins are digital tokens pegged to the value of a traditional financial asset, usually a fiat currency. The market is overwhelmingly dominated by U.S. dollar tokens, with Tether's USDT and Circle Internet's (CRCL) USDC alone accounting for a combined 84% market share.Tokens pegged to the yen represent a negligible share of the market, accounting for less than $50 million in the $311 billion sector. The most prominent is JPYC with a market cap of around $18 million, issued by a Tokyo-based fintech of the same name. JapanStablecoinsMeer voor jouSecuritize CEO says tokenized stocks could unlock a $5 trillion crypto marketDoor Margaux Nijkerk|Bewerkt door Nik…

Japan's three largest banks aim for joint stablecoin issue by March

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