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Japan's Big 3 Banks To Launch Joint Yen Stablecoin By FY2026
MUFG, SMBC and Mizuho are joining forces on a yen-backed stablecoin, per Nikkei.
🔹 Peg: Yen first, dollar version possible later
🔹 Platform: Built on Progmat, MUFG's own blockchain. Not Ripple, not XRP
🔹 Reach: 300,000+ corporate clients combined
🔹 First user: Mitsubishi Corporation, across 240+ global subsidiaries
🔹 Timeline: Target launch within FY2026 (ends March 2027)
The banks have set up a dedicated council to run it, building on FSA-guided tests since November 2025.