Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho—Japan’s three major banks—plan to jointly issue a stablecoin by the end of fiscal year 2026.

TechFlow News, June 9: According to the Nikkei, Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank—the three largest Japanese banks—plan to jointly issue a fiat-backed stablecoin by the end of fiscal year 2026. The three banks will soon reach a basic agreement and establish a coordination committee to discuss operational details. Previously, since November 2025, the three banks have jointly conducted a proof-of-concept experiment on stablecoin issuance with Japan’s Financial Services Agency (FSA); the newly formed coordination committee will further advance practical research, incorporating relevant regulations and market developments.