Japan's Top Banks Form Council for Joint Stablecoin Issuance
L'essentiel
- Japan's three largest banks—MUFG, Mizuho, and SMBC—have formed a council to develop operational frameworks for a jointly issued stablecoin, targeting a launch by March 2027.
- This initiative follows Japan's 2023 stablecoin regulations.
Résumé généré par IA
Pourquoi c'est important
Japan's three largest banks are collaborating to develop operational frameworks for a jointly issued stablecoin, aiming for a launch by March 2027. This follows the introduction of a licensing regime for stablecoin issuance in 2023, which requires licensed banks to issue fiat-pegged stablecoins.
In brief
Japan’s MUFG Bank, Mizuho Bank, and SMBC have established a council to develop operational frameworks for stablecoin issuance.
The banks plan to launch a jointly issued stablecoin by the end of the 2026 fiscal year.
The collaboration comes on the heels of a wave of institutional stablecoin activity in Japan since the introduction of a licensing regime in 2023.
Japan's three largest banks—MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation—have established a council to develop operational frameworks for jointly issuing a stablecoin by March 2027.
Per a statement, the stablecoin will be issued under a trust agreement, with the three banks serving as joint settlors, while a “trust bank or similar institution” will act as trustee. The banks are targeting a joint launch in fiscal year 2026, "with an eye toward the potential use of stablecoins across a wide range of use cases."
The megabanks began exploring joint stablecoin issuance through a pilot project in late 2025, which aimed to examine whether “regulatory and practical compliance” could be carried out “legally and appropriately” when multiple banks jointly issue a stablecoin.
The initiative operates under the FSA's Payment Innovation Project, a specialized program launched to accelerate blockchain-based payment innovations within the existing FinTech Proof-of-Concept Hub that has supported fintech experiments since 2017.
Japan clarified its stablecoin regulations in 2023, introducing amendments to the Payment Services Act that created a licensing regime for issuing and distributing fiat-pegged stablecoins. The legislation requires that approved stablecoins can only be issued by licensed banks, registered money transfer agents, and trust companies. The regulatory clarity has since enabled multiple yen-backed stablecoin initiatives.
JPYC Inc. announced the launch of the country's first legally recognized yen-denominated stablecoin, JPYC, in October 2025. SBI Holdings and Startale Group followed in February 2026, unveiling JPYSC, a trust bank-backed yen stablecoin for institutional and cross-border use cases. Most recently, the Japan Blockchain Foundation said in May 2026 it would issue a yen-pegged stablecoin, EJPY, on Japan Open Chain and Ethereum.
À surveiller
Perspective IA — des possibilités, pas des certitudes
The jointly issued stablecoin will be launched by the end of the 2026 fiscal year (March 2027).
Probable · En quelques mois
Increased institutional adoption of stablecoins in Japan.
Probable · Moyen terme
Further development of stablecoin use cases beyond simple payments.
Possible · Long terme
Questions ouvertes
- What specific use cases are envisioned for the stablecoin?
- What will be the exact structure of the trust agreement and the role of the trustee?
- What are the specific technological and operational challenges anticipated?
- How will the stablecoin be pegged and what mechanisms will ensure its stability?
