Japan's Three Largest Banks to Jointly Issue Yen Stablecoin by March 2027
Japan's three largest banks—MUFG, Mizuho, and SMBC—announced a joint initiative to launch a yen-pegged stablecoin by March 2027. The banks will form a council to oversee operational frameworks and governance, issuing the stablecoin under a trust agreement. Supported by Japan's Financial Services Agency, the project builds on a late-2025 pilot and follows Japan's 2023 stablecoin regulations. This marks the largest institutional stablecoin effort in Asia, aiming to modernize payment systems and compete with existing yen stablecoins like JPYC.
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Japan's Three Largest Banks Unite to Launch Yen-Backed Stablecoin by March 2027
MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation (SMBC) have formed a joint council to develop and co-issue a yen-backed crypto stablecoin, targeting launch by the end of Japan's fiscal year 2026 (March 2027). The stablecoin will be issued under a trust agreement, with the banks as joint settlors. The initiative operates under Japan's Financial Services Agency (FSA) Payment Innovation Project, following a late-2025 pilot. Collectively, the three banks oversee over $7 trillion in assets, making this the largest institutional stablecoin initiative in Asia. The stablecoin will comply with Japan's Payment Services Act, which restricts issuance to licensed banks, trust companies, or registered fund transfer providers. It is expected to be fully reserved, backed by cash and short-term Japanese government bonds. The move enters a market with existing yen stablecoins like JPYC, JPYSC, and EJPY, but carries greater institutional credibility and potential settlement volume.
Yahoo FinanceJapanese Banks Collaborate On New Stablecoin
Japan's three largest banks—MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation—are collaborating on a new stablecoin pegged to the Japanese yen, with a planned launch by March 2027. The banks will serve as joint settlors under a trust agreement and will establish a council to examine operational frameworks and governance. The project builds on a pilot launched last autumn and received official support from Japan's Financial Services Agency (FSA) in November 2025. This initiative reflects growing demand for yen-denominated stablecoins after Japan clarified its stablecoin regulations in 2023. It follows the launch of Japan's first legally recognized yen-denominated stablecoin by fintech firm JPYC in October 2025.
Yahoo FinanceJapanese Banks Collaborate On New Stablecoin
Japan's three largest banks—MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation—have announced a collaboration to launch a new yen-pegged stablecoin by March 2027. The banks will serve as joint settlors under a trust agreement and plan to establish a council to oversee operational frameworks and governance. The initiative builds on a pilot project started in autumn 2025, which received official support from Japan's Financial Services Agency (FSA) in November 2025. The project reflects growing demand for yen-denominated stablecoins following Japan's clarification of stablecoin regulations in 2023. This will not be Japan's first stablecoin; fintech firm JPYC launched the country's first legally recognized yen-denominated stablecoin in October 2025.
Yahoo FinanceJapan's Largest Banks Plan Joint Stablecoin Launch by March 2027
Japan's three largest banks—MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation—have formed a council to develop operational frameworks for jointly issuing a stablecoin by March 2027. The stablecoin will be issued under a trust agreement, with the banks as joint settlors and a trust bank as trustee. The initiative builds on a pilot project from late 2025 and operates under Japan's Financial Services Agency Payment Innovation Project. Japan clarified stablecoin regulations in 2023, creating a licensing regime for fiat-pegged stablecoins. This regulatory clarity has enabled multiple yen-backed stablecoin initiatives, including JPYC (October 2025), JPYSC (February 2026), and EJPY (May 2026). The megabanks' collaborative approach follows institutional stablecoin activity, including USDC approval in March 2025 and Ripple-SBI's RLUSD plans.
Yahoo FinanceJapan's largest banks to jointly issue stablecoins by March 2027
Japan's three largest banks—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group—announced on June 10, 2026, that they will jointly issue stablecoins during the current fiscal year ending March 2027. The banks will establish a council to examine operational frameworks and prepare for issuance. Japan's Financial Services Agency is supporting the experimental stage as part of efforts to use blockchain technology to enhance payment systems. This move signals growing momentum for digital payments in Japan, where cash and credit cards remain popular. The announcement follows Japanese startup JPYC's issuance of yen-pegged stablecoins in October 2025. A ruling party panel also recently proposed promoting yen-based stablecoins for settlement in Asia. Stablecoins have gained global interest, partly due to backing from U.S. President Donald Trump, though some policymakers worry they could facilitate unregulated fund flows.
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