Three of Japan's largest financial institutions — MUFG Bank, Mizuho Bank, and SMBC — have established a formal council to coordinate the joint issuance of a stablecoin, targeting a launch within fiscal year 2026, which runs through March 2027. The initiative marks a significant step toward institutional digital currency adoption in Japan, with the banks working together to build the regulatory and technical frameworks needed for a compliant rollout. Japan has been gradually tightening its stablecoin legislation since 2022, positioning licensed banks as eligible issuers. A jointly issued stablecoin from three megabanks could accelerate domestic digital payment infrastructure and signal broader mainstream financial sector engagement with blockchain-based settlement in one of Asia's largest economies.
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