“Mitsubishi UFJ, Sumitomo Mitsui and Mizuho Financial Groups aim to create a shared framework for stablecoin issuance and transfer, according to a story in Nikkei.”, — write: www.coindesk.com
According to a Friday report from the Nikkei, Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group and Mizuho Financial Group will create a shared framework for issuing and transferring stablecoins among their corporate clients. The tokens will be pegged to real-world currencies, starting with the Japanese yen, with a dollar-denominated version potentially to follow.
The stablecoins will be built on a system that allows interoperability between banks under common technical and legal standards, the report said. While details on the infrastructure remain limited, the initiative marks a coordinated effort to digitize interbank settlements in a way that mirrors existing fiat rails. Notably, MUFG founded a blockchain infrastructure and tokenization platform Progmat in 2023, backed by a wide consortium of Japanese institutions.
The move comes as stablecoin adoption is rapidly spreading globally, with nations putting regulations in place. US dollar-pegged tokens dominate the market, with Tether’s USDT and Circle’s USDC taking up the bulk of the $300 billion sector.
A group of nine European banks, including heavyweights ING and UniCredit, reportedly plan to issue a euro stablecoin to counter the dominance of US dollar-backed tokens. Major US banks are also mulling issuing a stablecoin jointly.
In August, fintech firm JPYC was reportedly obtained a license as a money transfer operator with the Financial Services Agency (FSA), a necessary step for offering its Japanese yen-backed token legally. Japanese financial giant SBI Holdings also announced plans to distribute Ripple’s US dollar-pegged stablecoin (RLUSD) in Japan as early as the first quarter of 2026, pending regulatory clearance.
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