Japan's three largest banks eye joint stablecoin issue by March 2027
MUFG, SMBC and Mizuho will establish a council to explore operational frameworks and prepare for the issuance of stablecoins.
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Japan's three largest banks eye joint stablecoin issue by March 2027
Finance
Japan's three largest banks aim for joint stablecoin issue by March
MUFG, 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.
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Summary
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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.
Japan
Stablecoins
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By
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Jun 15, 2026
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters
:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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Original YayaNews editorial coverage, published for informational purposes.
This article is sourced from CoinDesk. It is for informational purposes only and does not constitute investment advice.
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