Japan’s Top Banks to Issue Yen-Pegged Stablecoins Following FSA Regulations
Japan's financial giants—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group—are collaborating to launch stablecoins pegged to the yen. This initiative, reported by Nikkei, aims to enhance settlement efficiency and promote blockchain adoption in Japan's financial infrastructure.
The banks are developing a unified framework for corporate clients, ensuring seamless transfers under standardized technical and regulatory conditions. The MOVE follows Japan's Financial Services Agency approving SBI VC Trade to list Circle's USDC earlier this year, marking the first legally recognized foreign stablecoin in the country.
A dollar-pegged stablecoin may follow, signaling Japan's strategic embrace of digital assets. The effort underscores a broader trend of institutional integration with blockchain technology, positioning Japan as a leader in regulated crypto innovation.
