Japan Banks Plan Yen-Pegged Stablecoin Launch by 2025

Three major Japanese banks, MUFG, SMBC, and Mizuho, are set to launch a yen-pegged stablecoin in late 2025. This innovative project will utilize MUFG’s Progmat platform for issuance and deployment on Ethereum, Polygon, and Avalanche blockchains. The initiative targets over 300,000 corporate clients across Japan, aiming to modernize payment processes and facilitate faster, more efficient cross-border transactions.