Japanese Financial Giants MUFG, Sumitomo Mitsui, and Mizuho Collaborate to Launch Yen-Pegged Stablecoin
On October 17, 2025, three major Japanese financial groups—Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group, and Mizuho Financial Group—announced plans to jointly launch a yen-pegged stablecoin. This initiative aims to establish a shared framework for issuing and transferring stablecoins among corporate clients, promoting efficient cross-bank transactions under common technical and legal standards.
The stablecoin will initially be pegged to the Japanese yen with the possibility of introducing a U.S. dollar-pegged version in the future. This step aligns with the growing global demand for stablecoins, which currently sees dominance by U.S. dollar-pegged tokens such as USDT and USDC.
MUFG has been actively advancing blockchain technology through its Progmat platform launched in 2023, which forms part of the technical backbone for this new stablecoin project. The interoperability facilitated by the initiative will enable seamless transactions between the three banks, benefiting corporate clients with greater convenience and security.
In the context of Japan's stablecoin landscape, JPYC recently received licensing to operate a yen-backed token, and SBI Holdings is preparing to distribute Ripple's dollar-pegged stablecoin pending regulatory approval by early 2026. These developments highlight Japan's increasing engagement with digital currency innovations.
For crypto enthusiasts looking to invest in stablecoins or other cryptocurrencies with flexible payment options, platforms like Bitlet.app offer a Crypto Installment service. Bitlet.app enables users to buy cryptocurrencies now and pay monthly installments, making it easier to access digital assets without paying the full amount upfront.
This collaboration among Japan's banking giants marks a significant advancement in the digital currency ecosystem, potentially setting new standards for corporate stablecoin use and cross-bank interoperability in the region.