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

Odaily Planet Daily News: 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 this project as part of Japan's efforts to leverage blockchain technology to enhance its payment systems. Previously, Japanese startup JPYC began issuing a yen-pegged stablecoin in October last year, and this month, a ruling party panel also called in a proposal for promoting the use of yen stablecoins for settlements in Asia. (Reuters)