MUFG, Mizuho, and SMFG will jointly issue a yen-pegged stablecoin under a trust agreement, targeting a March 2027 debut.
Japan’s three largest banks—MUFG Bank, Mizuho Bank ($MFG), and Sumitomo Mitsui Banking Corporation ($SMFG)—will jointly issue a yen-pegged stablecoin by March 2027. The stablecoin will operate under a trust agreement, with the banks serving as joint settlors.
The collaboration follows a 2023 pilot and regulatory clarity on stablecoins in Japan. The Financial Services Agency previously endorsed the initiative, aiming to verify legal and operational feasibility. JPYC ($JPYC) launched Japan’s first yen-denominated stablecoin in October 2025.
The banks will establish a council to oversee governance and operational frameworks before live transactions begin.