Japan’s Megabanks Unite to Launch Yen- and Dollar-Pegged Stablecoins
Japan's financial giants—Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho—are spearheading a stablecoin revolution. The trio will issue both yen- and dollar-pegged digital tokens, targeting corporate payments and cross-border settlements. This MOVE signals Japan's aggressive push into the tokenized economy.
The yen-backed stablecoin, fully collateralized by bank deposits, promises to streamline domestic transactions for 300,000+ enterprise clients. Meanwhile, the dollar-pegged variant aims to disrupt traditional correspondent banking, offering near-instant settlement for international trade.
Mitsubishi leads the pilot program, leveraging its vast institutional network. The initiative establishes Japan's first regulated framework for interoperable stablecoins, potentially creating a blueprint for global adoption.
