Japan's Three Megabanks Establish Council for FY2026 Yen Stablecoin Rollout

According to a Wednesday statement, Japan's three largest banks—Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corp., and Mizuho Bank—established a joint council on June 10 to develop a framework for issuing a yen-denominated stablecoin by the end of FY2026.

The banks signed a memorandum of understanding to form the voluntary council to review operational frameworks, governance, and implementation details. They plan to conduct commercial transactions using the jointly issued stablecoin during FY2026, aiming to launch live transactions before March 31, 2027. The three banks, which serve over 300,000 companies combined, will also explore potential collaborations with other financial institutions and stakeholders to expand the project's scope.