Japan's three major banks to jointly issue stablecoin by March 2027

Odaily reported that Japan's three largest banks have announced plans to jointly issue a stablecoin within the current fiscal year ending March 2027. The banking units of Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group will establish a committee to review the operational framework and prepare for the issuance.

Japan's Financial Services Agency has been supporting the experimental phase of the project as part of Japan's efforts to leverage blockchain technology to enhance the payment system. Previously, Japanese startup JPYC began issuing a yen-pegged stablecoin last October, and this month, a ruling party panel also called in a proposal for promoting the use of yen stablecoins for settlements in Asia. (Reuters)