Japan’s big banks join forces on stablecoins to speed corporate payments: Nikkei

Japan's three major banks—Mitsubishi UFJ (MUFG), Sumitomo Mitsui (SMBC), and Mizuho—are partnering to issue stablecoins pegged to the Japanese yen and the U.S. dollar, aiming to establish a common standard for corporate clients and speed up cross-border payments. This initiative, which will pilot with a Mitsubishi Corporation application, seeks to make yen and dollar liquidity natively available within Japan's banking system. This move aligns with Japan's broader regulatory progression toward accepting fiat-backed tokens, as authorities prepare approvals for domestic yen stablecoins, and other entities like Japan Post Bank explore tokenized deposits. The development occurs amid growing global interest in stablecoins for payments, with other regions like South Korea and Hong Kong also defining regulatory frameworks.

(Source：The Block)