Japan’s Top Banks to Launch Yen-Pegged Stablecoin

[kevin1]

Three of Japan’s largest banks — MUFG, SMBC, and Mizuho — plan to issue a yen-backed stablecoin to modernize corporate settlements and reduce transaction costs. The project, built on MUFG’s Progmat platform, aims for interoperability in payments within and between companies, with a rollout expected by the end of 2025.

[alex10]

Yen-pegged stablecoins could reshape Japan’s financial infrastructure through faster settlements.

[Nahid Hossen]

Domestic banks entering crypto show how traditional finance is adapting to digital transformation.

[Swipe]

Japan’s banking giants moving into stablecoins marks a turning point — integrating blockchain with traditional finance could redefine global settlement systems.