Amid the global push for stablecoin adoption, recent reports claim that three major Japanese banks are preparing to issue a yen-pegged token for global settlements before the end of the year.

Japanese Megabanks To Rollout Stablecoin This Year

On Friday, news media outlet Nikkei Asia reported that Mitsubishi UFJ Financial Group (MUFG) Bank, Sumitomo Mitsui Banking Corp., and Mizuho Bank are preparing to jointly launch a stablecoin “to promote settlements made with pegged cryptocurrencies.”

According to the report, the three major banks, which serve over 300,000 clients combined, plan to establish a framework for the stablecoin utilizing the system of Tokyo-based fintech company Progmat.

Notably, MUFG launched the platform in 2023 to facilitate the issuance of bank-backed stablecoins a

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