Back
Major Japanese Banks Plan Stablecoin Launch for Commercial Use

Major Japanese Banks Plan Stablecoin Launch for Commercial Use

Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho Financial Groups are set to launch a yen-pegged stablecoin, marking a significant step toward digital payments and blockchain integration in Japan’s financial sector.

Fact Check
The statement is strongly supported by multiple credible sources. Evidence from Ledger Insights and Nomura Holdings confirms that major Japanese financial institutions like MUFG and Nomura are actively involved in stablecoin projects and partnerships for business use. This is directly corroborated by a Bank for International Settlements (BIS) report stating that 'Three major Japanese banks are exploring the issuance' of stablecoins, and an S&P Global report mentioning a 'consortium of major Japanese banks' is also exploring their use.
    Reference: 12
Summary

Japan’s top banks, including Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho, are planning to issue a yen-backed stablecoin using MUFG’s Progmat platform. This collaboration aims to digitize interbank settlements and corporate payments, promoting blockchain adoption within the country’s financial infrastructure.

Terms & Concepts
  • Stablecoin: A type of cryptocurrency pegged to a stable asset, such as a fiat currency, designed to minimize price volatility.
  • Progmat: A blockchain-based platform developed by MUFG to facilitate the issuance and management of digital assets and stablecoins.