Japan’s Top Banks Plan Joint Yen-Backed Stablecoin by March 2027
MUFG, SMBC, and Mizuho will form a council to develop operational frameworks for a yen-pegged stablecoin issuance. Japan’s three largest banks—Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMBC), and Mizuho Financial Group—will jointly issue a yen