Japan’s Big Banks Partner on Yen-Pegged Stablecoin for Faster Payments

Three of Japan’s leading financial institutions, MUFG, Sumitomo Mitsui Financial Group, and Mizuho Financial Group, have joined forces to launch a stablecoin pegged to the Japanese Yen. This move aims to improve value transfers between corporations and modernize payment systems within the country. The collaboration will explore using a shared infrastructure to enable smooth interoperability amongst financial institutions, while also considering developing a U.S. dollar-pegged stablecoin to enhance cross-border payment efficiency.