Japan's 3 largest banks plan to jointly issue stablecoin this fiscal year

Japan's three largest banks plan to jointly issue a fiat-pegged stablecoin within the 2026 fiscal year, Nikkei reported. To facilitate this, they have launched a council to promote its application in real-world transaction scenarios and design its operational framework. The banks—Sumitomo Mitsui Banking Corporation, Mizuho Bank, and Mitsubishi UFJ Bank—are expected to sign a basic agreement for the initiative. This move follows tests for the joint issuance that the banks have been conducting since November 2025 under the guidance of Japan's Financial Services Agency (FSA). Going forward, the council will design the stablecoin's practical application and commercialization in line with relevant regulations and market trends.