Japan's Big 3 Banks To Launch Joint Yen Stablecoin By FY2026

MUFG, SMBC and Mizuho are joining forces on a yen-backed stablecoin, per Nikkei.

🔹 Peg: Yen first, dollar version possible later

🔹 Platform: Built on Progmat, MUFG's own blockchain. Not Ripple, not XRP

🔹 Reach: 300,000+ corporate clients combined

🔹 First user: Mitsubishi Corporation, across 240+ global subsidiaries

🔹 Timeline: Target launch within FY2026 (ends March 2027)

The banks have set up a dedicated council to run it, building on FSA-guided tests since November 2025.