According to reports, Japan's three major banks plan to jointly issue a stablecoin pegged to the yen, further promoting the application of cryptocurrency technology in the region's financial infrastructure.
Nikkei News reported on Friday that Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank plan to modernize corporate settlements and reduce transaction costs through a yen stablecoin project built on MUFG's stablecoin issuance platform, Progmat.
These banks collectively serve over 300,000 corporate clients and are committed to standardizing tokens to enable interoperability in payments both within and between companies. The alliance is expected to launch this stablecoin by the end of this year.
Mitsubishi Corporation will become the first company to use this stablecoin for internal settlements. The company has over 240 subsidiaries worldwide and aims to streamline the international transfer processes for dividends, acquisitions, and customer transactions, thereby saving costs and reducing administrative burdens.
If the project is successful, it could establish Japan's first bank-supported stablecoin network under a unified framework.
Cointelegraph has reached out to MUFG, SMBC, and Mizuho Bank for comments, but has not received a response as of the time of publication.
This news follows the launch of MUFG's "Progmat Coin" stablecoin issuance platform. MUFG stated in June that this platform would be used by Japanese banks to issue stablecoins pegged to the yen across multiple public blockchain networks.
At that time, MUFG indicated that Progmat Coin would facilitate the issuance of bank-supported stablecoins on Ethereum, Polygon, Avalanche, and Cosmos. The bank plans to add more networks in the future.
On September 26, Binance Japan partnered with Mitsubishi UFJ Trust Bank (MUTB) to explore the issuance of stablecoins using Progmat Coin.
Binance Japan General Manager Takeshi Chino pointed out that stablecoins are crucial to the broader financial ecosystem, and these assets will play an important role in financial services, which is vital for the adoption of Web3.
The banks' stablecoin efforts follow institutional pushes for yen-pegged crypto assets.
In August, Nikkei News reported that Japan's Financial Services Agency (FSA) was preparing to approve the issuance of yen-based stablecoins. It was reported that Tokyo-based fintech company JPYC would lead the stablecoin launch.
In the same month, Tokyo-based financial services company Monex Group also announced that it was considering launching a yen-pegged stablecoin.
As previously reported by Cointelegraph, Monex Chairman Oki Matsumoto stated that if the company does not enter the stablecoin space, it may fall behind. However, he also acknowledged that issuing stablecoins may require significant infrastructure and capital.
Related: Japan's Financial Services Agency considers allowing banks to hold cryptocurrencies like Bitcoin (BTC)
Original article: “Reports say Japan's major banks plan to jointly issue yen stablecoin”
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