The Japanese banking sector is taking significant steps towards embracing blockchain technology. In a major development, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank – the country's three largest banks by assets – have announced plans to launch a joint fiat-pegged stablecoin in fiscal 2026.
The initiative is part of their ongoing efforts into blockchain-based payments. The banks are expected to finalize a basic agreement and create a council to oversee the project's operational structure, with the council assessing operational models, legal requirements, and market developments before moving towards full-scale trading and adoption.