Japan’s Megabanks Collaborate to Launch Yen-Pegged Stablecoin
Japan's financial giants—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group—are spearheading a landmark stablecoin initiative. The jointly issued digital currency will be pegged to both the yen and the U.S. dollar, with Mitsubishi Corporation serving as the inaugural settlement user.
Built on Progmat's blockchain infrastructure, the project aims to transform cross-border payments through existing financial channels. By consolidating stablecoin settlements onto a unified platform, the consortium seeks to reduce transaction costs and latency for their collective 300,000+ business partners.
This MOVE signals Japan's strategic embrace of blockchain for institutional finance, positioning stablecoins as a bridge between traditional banking and decentralized systems. Regulatory compliance remains a cornerstone of the initiative, with Progmat ensuring adherence to financial standards.
