Japan
BlockTempo
Japan's Three Major Banks Join Forces to Launch a Yen Stablecoin, Opening a New Front in Cross-Border Payments Competition
- Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMFG), and Mizuho Financial Group jointly completed a proof-of-concept for a yen stablecoin.
- The three banks are targeting commercial launch of the stablecoin before March 2027.
- The move is seen as a strategic push by Japan's megabanks to compete in the cross-border payments space amid growing global stablecoin adoption.