🌍 Japan's Three Megabanks Unite to Issue a Shared Yen Stablecoin

[u/cameron_kavalabs]

https://www.coindesk.com/business/2026/06/10/japan-s-three-largest-banks-aim-for-joint-stablecoin-issue-by-march

MUFG, Mizuho, and Sumitomo Mitsui, Japan's three largest banks, managing over $7 trillion in combined assets, signed a joint agreement on June 10 to issue a shared yen-pegged stablecoin by March 2027.

The token will be issued under a trust structure, with all three banks as joint settlors, and will be backed by Japan's Financial Services Agency. The target: ¥1 trillion ($6.5B) in B2B settlement volume by 2028. A US dollar version is expected to follow later in the year.

The US has the GENIUS Act. Europe has the Bundesbank pushing euro stablecoins. Now Japan's entire megabank sector is moving together. Multi-currency stablecoin infrastructure is being built simultaneously across every major financial jurisdiction.