Japan's three largest banks aim for joint stablecoin issue by March

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Japan's three largest banks aim for joint stablecoin issue by March MUFG, SMBC and Mizuho will establish a council to explore operational frameworks and prepare for the issuance of stablecoins. By Jamie Crawley | Edited by Sheldon Reback Jun 10, 2026, 9:01 a.m. 1 min read Make preferred on (Roméo A./Unsplash) What to know : Japan's largest banks said they will issue jointly issue a stablecoin by March 2027. MUFG, SMBC and Mizuho will establish a council to explore operational frameworks and prepare for the issuance of stablecoins. Three of Japan's largest banks said they will jointly issue a stablecoin this financial year, which ends in March. Mitsubishi UFJ Financial Group (MUFG), Sumitomo ⁠Mitsui Financial Group (SMBC) and Mizuho Financial Group will establish a council to explore operational frameworks and prepare for the issuance of stablecoins, according to a statement on MUFG's website . The three banks will act as "joint settlors and a trust bank or similar institution will act as trustee," the statement said. Japan's Financial Services Agency (FSA) signaled support for the development of a stablecoin by the three banks last November. More recently, the ruling Liberal Democratic Party (LDP) said the state should promote the usage of yen-based stablecoins . Stablecoins are digital tokens pegged to the value of a traditional financial asset, usually a fiat currency. The market is overwhelmingly dominated by U.S. dollar tokens, with Tether's USDT and Circle Internet's (CRCL) USDC alone accounting for a combined 84% market share . Tokens pegged to the yen represent a negligible share of the market, accounting for less than $50 million in the $311 billion sector. The most prominent is JPYC with a market cap of around $18 million , issued by a Tokyo-based fintech of the same name. Japan Stablecoins More For You Securitize CEO says tokenized stocks could unlock a $5 trillion crypto market By Margaux Nijkerk | Edited by Nikhilesh De 13 hours ago At a panel at ETHConf, Carlos Domingo argued that bringing stocks and exchange-traded funds onchain could unlock a market far larger than today's roughly $30 billion tokenized asset sector. What to know : Securitize CEO Carlos Domingo said tokenized equities and ETFs, not just tokenized Treasuries, could be the catalyst that grows the real-world asset (RWA) market from roughly $30 billion today to as much as $5 trillion, arguing that even a small share of the $150 trillion global equities market moving on-chain... Read full story Latest Crypto News XRP market shows signs of capitulation as holders sell at loss 37 minutes ago SpaceX's pre-IPO market on Hyperliquid has fallen 27% in three weeks 1 hour ago Live updates: What next for bitcoin as it faces headwinds from Fed rates to Claude's Mythos 3 hours ago XRP drops 4.5% as heavy selling breaks another support level 3 hours ago Bitcoin and gold fall together as a rate-hike bet hits every hedge 3 hours ago Bitcoin ETFs are no bigger today than when Trump won the election 3 hours ago Top Stories Come back after the summer, says one analyst on crypto markets 18 hours ago Crypto tax bills a work-in-progress as U.S. House lawmakers pose concerns 11 hours ago Bitcoin inflows slow sharply in 2026 as investors chase AI, Bernstein says 19 hours ago A16z, Paradigm lead $175 million bet to move global credit markets onchain 18 hours ago Humanity's $36 million exploit tied to compromised laptop hosting a 'multisig' wallet 21 hours ago Ethena lands Janus Henderson backing as asset manager invests in ENA, eyes USDe distribution 18 hours ago