Japan Major Banks to Launch Joint Stablecoins by 2027
Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho will establish a council to develop operational frameworks for digital currency issuance. The project aims to modernize payment systems using blockchain technology with support from the Financial Services Agency.
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Mitsubishi UFJ Financial Group Inc, Sumitomo Mitsui Financial Group Inc, and Mizuho Financial Group Inc will jointly issue stablecoins by March 2027. The three banking giants are forming a council to develop an operational framework for digital payments in Japan. The project follows support from the Japanese Financial Services Agency for blockchain experiments to enhance national payment systems.