Megabanks Join Forces on Yen Stablecoin

[lingriiddd]

Japan’s **three largest banks—MUFG, SMFG, and Mizuho—**are jointly developing a yen-pegged stablecoin, with a dollar version planned later. Built on Progmat’s interoperable infrastructure, the stablecoin will debut in corporate settlements, with Mitsubishi Corp. expected as an early adopter. The move leverages Japan’s 2023 Payment Services Act, which for the first time provides a clear legal framework for stablecoin circulation.

[alex10]

Japanese megabanks’ joint effort marks a milestone in the digitization of national currency systems.

[Nahid10]

A Yen-backed stablecoin could boost domestic settlement efficiency and enhance cross-border trade.