Overview
- Nikkei reports MUFG, Sumitomo Mitsui and Mizuho are preparing a shared stablecoin framework starting with a yen-pegged token, with a dollar version considered later.
- Issuance and governance would run on MUFG’s Progmat platform, which is built for bank custody, compliance and cross-bank interoperability.
- Mitsubishi Corporation is slated to be the first user, testing the token for internal and international business-to-business payments to cut fees and speed settlement.
- The three banks collectively serve more than 300,000 corporate clients, a scale that could accelerate adoption across Japan’s enterprise payment networks.
- Japan’s FSA recently approved JPYC’s regulated yen stablecoin, underscoring a workable path, while reported targets such as a year-end launch and up to 1 trillion yen issued over three years await formal confirmation.