3 hours ago
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Key Takeaways
- MUFG, SMBC, and Mizuho confirmed a joint agreement to issue a yen-backed stablecoin by March 2027.
- The token runs on Progmat, a distributed ledger platform developed by MUFG alongside NTT Data.
- Primary use case targets securities settlement and wholesale B2B cross-border payments, not retail consumers.
- A US dollar-pegged version is planned to follow the yen launch within the same fiscal year.
- Japan’s FSA selected the project under its FinTech Proof-of-Concept Hub program in November 2025.
- The trust structure designates all three banks as joint settlors, with a separate trust bank acting as trustee.
Japan’s three largest banks have reached a formal agreement to issue a shared stablecoin pegged to the Japanese yen, targeting commercial launch before the close of fiscal year 2026 in March 2027.
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