Japan's 3 Biggest Banks Sign MOU to Launch Joint Yen Stablecoin by March 2027

MUFG1.00%
According to official announcement, MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation (SMBC) signed a memorandum of understanding on June 10, 2026, to jointly issue a yen stablecoin. The banks target live commercial transactions by fiscal year 2026, which ends March 31, 2027, building on a November 2025 Financial Services Agency proof-of-concept pilot.
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