Story perspectives

Japan's Major Banks Launch Yen and Dollar Stablecoins

10/19/2025

Summary

Story summary

Japan's three largest banks, MUFG, Sumitomo Mitsui, and Mizuho, plan to jointly issue stablecoins pegged to the yen and the dollar to improve corporate settlements.
They will standardize stablecoin transfers for corporate clients, starting with a pilot with Mitsubishi Corporation.
The stablecoins will use Progmat Coin infrastructure developed by MUFG.
In June 2022, Japan's parliament recognized fiat-pegged tokens as digital money.
If successful, adoption could reach over 300,000 corporate clients.

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Story summary

Japan's three largest banks, MUFG, Sumitomo Mitsui, and Mizuho, plan to jointly issue stablecoins pegged to the yen and the dollar to improve corporate settlements.
They will standardize stablecoin transfers for corporate clients, starting with a pilot with Mitsubishi Corporation.
The stablecoins will use Progmat Coin infrastructure developed by MUFG.
In June 2022, Japan's parliament recognized fiat-pegged tokens as digital money.
If successful, adoption could reach over 300,000 corporate clients.