Japan's Top Banks Join Forces To Issue Stablecoin

2025-10-17 03:13:55

(MENAFN- Yolo Wire) Japan's three largest banks are joining forces to issue a stablecoin.

Mitsubishi UFJ Financial Group (NYSE: $MUFG), Sumitomo Mitsui Financial Group (NYSE: $SMFG), and Mizuho Financial Group (NYSE: $MFG), will jointly issue a new stablecoin pegged to the yen currency.

Stablecoins are cryptocurrencies pegged to the value of another asset, typically the U.S. dollar or price of gold.

Stablecoins also help to facilitate financial transactions across blockchain networks.

The Japanese banks plan to work together to build a structure for stablecoins that will allow their corporate clients to use the digital asset for complex and cross-border transactions.

The media reports say that, in addition to the yen-pegged stablecoin, the three Japanese lenders are also planning to launch a U.S. dollar-pegged stablecoin in the future.

Stablecoins are growing in popularity as cryptocurrencies become more mainstream and widely accepted in financial circles.

Earlier this year, the U.S. Congress passed legislation aimed at regulating the stablecoin market.

Central banks around the world, including the Bank of Japan, are studying stablecoins and their potential role in digital finance.

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