Japan's Three Megabanks Form Council to Advance Joint Stablecoin Launch by 2026

MUFG-0.8%
According to MetaversePost, Japan's three megabanks — MUFG, SMBC, and Mizuho — announced today (June 09) the formation of a dedicated council to govern the joint issuance of a fiat-pegged stablecoin, advancing the FSA-backed pilot project to the formal implementation phase ahead of fiscal year 2026. The stablecoins, initially pegged to the Japanese yen with a potential dollar version to follow, will be built on a system enabling interoperability between banks. Mitsubishi Corporation will be the first entity to deploy the stablecoin for settlements across its over 240 global subsidiaries. The three banks collectively serve more than 300,000 major corporate clients and target one trillion yen in business-to-business stablecoin volume by 2028.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments