Japan’s three biggest banks, MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation, have announced plans to launch a stablecoin together by 2027. This is one of the largest blockchain projects in Asia’s banking sector.
The banks plan to use the token for digital payments and cross-border transfers, all within Japan’s financial rules. The project comes as Japan increases support for stablecoins and digital assets, making it a good time for large blockchain payment systems.
The three banks said the stablecoin will be set up using a trust-based structure. A trust bank or similar group will act as trustee, and the banks will manage the project together. They have signed an agreement and created a council to handle governance, planning, and putting the project into action.
This project builds on work that started in late 2025, when the banks began looking into both yen-backed and dollar-backed stablecoins. They also joined a regulatory sandbox run by Japan’s Financial Services Agency to see how stablecoins could work under current Japanese laws.
One main goal is to build a payment network that helps businesses move money more easily, while keeping yen and dollar transactions inside Japan’s banking system. Together, the banks serve over 300,000 corporate clients, so the project could reach many companies.
The group is said to be testing the project with big Japanese companies and looking at how stablecoins could make supply-chain payments and international settlements easier. The project fits with new rules in Japan that recognize some foreign stablecoins and with more political support for digital assets.
If it works out, this could be one of the biggest stablecoin projects led by banks in the world and help Japan become a leader in digital payments.
BREAKING: Japan’s biggest banks just went all-in on crypto.
MUFG, Mizuho & SMBC, the three largest banks in Japan are joining forces to launch a jointly issued stablecoin by March 2027.
300,000+ corporate clients. Cross-border payments. Blockchain rails.
The traditional…— 3.0 TV (3verseTV) (@reallive3tv) June 11, 2026
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment