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Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank, the three biggest banks in Japan by assets, are working toward a shared fiat-pegged stablecoin launch targeted for fiscal 2026, according to Nikkei.
The three lenders are expected to finalize a basic agreement and create a council to oversee the project’s operational structure.
The initiative is part of an ongoing push into blockchain-based payments. MUFG has been active in tokenized assets and web3 initiatives, while SMBC is partnering with blockchain firms to build a compliant stablecoin payment infrastructure.
The banks have been testing the concept through a pilot program with the Financial Services Agency since November 2025.
As the initiative advances, the council will assess operational models, legal requirements, and market developments before moving toward full-scale trading and adoption.
[June 10, 4:00 a.m. ET]: This article has been updated to correct earlier language that inaccurately stated the three megabanks plan to jointly issue a stablecoin in 2026. In fact, the banks plan to jointly issue a stablecoin by Japan’s fiscal year 2026, which is expected to end on March 31, 2027.
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