Major Japanese Banks Plan Joint Stablecoin Rollout By Year-End
Three of Japan's largest financial institutions—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp., and Mizuho Bank—are collaborating to launch a yen-pegged stablecoin for cross-border settlements by December. The initiative leverages Progmat, a fintech platform developed by MUFG in 2023 following Japan's 2022 stablecoin legislation that restricted issuance to licensed banks.
The consortium aims to standardize the token for interbank transactions and corporate settlements, with trading giant Mitsubishi Corp. serving as the inaugural enterprise user. Adoption could streamline remittances and reduce operational costs across the banks' combined 300,000-client network. This MOVE signals growing institutional momentum for blockchain-based settlement solutions in regulated markets.
