Japan’s Banking Giants Partner to Develop a Yen-Pegged Stablecoin

Major Japanese banks have taken a significant step towards integrating cryptocurrency technology into their financial infrastructure. Three leading institutions—Mitsubishi UFJ Financial Group (MUFG), Bank Sumitomo Mitsui Banking Corp. (SMBC), and Mizuho Bank—are collaborating to launch a yen-pegged stablecoin, aiming to streamline payments and reduce transaction costs across their vast client base. This initiative exemplifies Japan’s growing commitment to blockchain adoption for its corporate sector.