Japan's three largest banks plan joint stablecoin issuance by March 2027
By
Jamie Crawley
3h ago· 2 min readenNews
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Summary
Three of Japan's largest banks — MUFG, SMBC, and Mizuho — plan to jointly issue a stablecoin by March 2027 (the end of the current financial year). They will establish a council to explore operational frameworks and prepare for issuance, with the banks acting as joint settlors and a trust bank as trustee. Japan's Financial Services Agency (FSA) has signaled support for the initiative.
Key quotes
· 4 pulledThree of Japan's largest banks said they will jointly issue a stablecoin this financial year, which ends in March.
Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMBC) and Mizuho Financial Group will establish a council to explore operational frameworks and prepare for the issuance of stablecoins.
The three banks will act as 'joint settlors and a trust bank or similar institution will act as trustee,' the statement said.
Japan's Financial Services Agency (FSA) signaled support for the development of a stablecoin by the three banks.
MUFG, SMBC and Mizuho will establish a council to explore operational frameworks and prepare for the issuance of stablecoins.
