Three-Bank Yen Stablecoin Goes Live
MUFG · Releases & Updates · FY2026 (by March 2027)
MUFG, SMBC and Mizuho plan live transactions of a jointly issued yen stablecoin in Japan's FY2026, ending March 31, 2027.
Japan's three megabanks, MUFG Bank, Sumitomo Mitsui Banking Corporation (SMBC) and Mizuho Bank, plan to launch live transactions of a jointly issued, trust-based Japanese yen stablecoin in fiscal year 2026, which ends March 31, 2027, as announced on June 10, 2026. On October 16, 2026 the banks, with Mitsubishi UFJ Trust and Banking and TISI, reported completing a proof-of-concept (July 17-23, 2026) that tested joint issuance under Japan's Payment Services Act and cross-border payments between Mitsubishi Corporation's Japanese and overseas entities. Key topics: yen stablecoin, JPY stablecoin, MUFG, SMBC, Mizuho, Japanese megabanks, bank stablecoin, Japan Payment Services Act.