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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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
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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.
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