Japanese mega banks to jointly issue yen-pegged stablecoin: Report
Three major Japanese banks plan to jointly issue a yen-pegged stablecoin using MUFG's Progmat platform by year-end.Summary
Mitsubishi UFJ Financial Group (MUFG), Bank Sumitomo Mitsui Banking Corp. (SMBC), and Mizuho Bank are reportedly collaborating to issue a yen-pegged stablecoin to modernize corporate settlements and reduce transaction costs. This stablecoin will be built on MUFG's existing issuance platform, Progmat, and aims to be interoperable for payments within and between their combined 300,000 corporate clients, with a rollout expected by the end of the year. Mitsubishi Corporation is slated to be the first entity to use the stablecoin for internal settlements, aiming to streamline international transfers. This initiative follows MUFG's June launch of Progmat Coin, which supports issuing bank-backed stablecoins on various public blockchains, and aligns with broader institutional momentum in Japan toward yen-based stablecoins, including regulatory preparations by the Financial Services Agency (FSA).
(Source：Cointelegraph)