Japan’s Megabanks Launch Yen-Pegged Stablecoin for Corporate Transactions

Three of Japan’s largest banks—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, and Mizuho Bank—have formed a partnership to launch a yen-pegged stablecoin. This initiative marks a significant step forward in Japan’s adoption of digital currency for corporate and interbank payments. The stablecoin will be powered by the Progmat blockchain platform and handled by fintech JPYC for compliance and reserve management, with Mitsubishi Corporation acting as an early adopter for internal settlements. 🇯🇵