Japan’s Banks Launch Yen & Dollar Stablecoins: Impacting Cross-Border Payments

A groundbreaking initiative spearheaded by Japan’s major banks is poised to revolutionize cross-border payments. MUFG, SMBC, and Mizuho Financial Group are leading the charge in developing yen- and dollar-pegged stablecoins. These innovative digital assets will be issued and managed using MUFG’s blockchain infrastructure platform, Progmat, ensuring compliance with regulatory standards. The project aims to enhance financial processes and facilitate seamless international transactions.