Japan’s Megabanks to Launch Yen-Pegged Stablecoin for Faster Payments
Japan’s banking giants—MUFG Bank, Sumitomo Mitsui Banking Corp., and Mizuho Bank—are collaborating to issue a yen-pegged stablecoin, leveraging Tokyo-based fintech Progmat’s platform. The initiative aims to streamline cross-border and corporate payments, with a dollar-denominated version to follow.
The yen stablecoin is expected to enter practical use this fiscal year after a proof-of-concept trial. Mitsubishi Corporation, overseeing 240 subsidiaries, will pilot the token for internal settlements, including dividends and acquisitions.
This MOVE signals deepening institutional adoption of blockchain technology, as traditional finance seeks efficiency gains through digital assets. No direct mentions of cryptocurrencies or exchanges were identified in the report.
