Japan’s Megabanks Partner to Launch Stablecoins: Impact on Digital Asset Regulation

Three of Japan’s leading banks – Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMBC), and Mizuho Financial Group – are collaborating with Mitsubishi Corporation to launch yen- and dollar-pegged stablecoins using the Progmat blockchain platform. This landmark move signifies Japan’s strong commitment to regulated digital assets, potentially revolutionizing cross-border payments and boosting financial market liquidity in the country.