MUFG, SMBC and Mizuho plan joint yen stablecoin issuance by fiscal 2026 end

MUFG Bank, Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank plan to co-issue a Japanese yen-pegged stablecoin by the end of Japan’s fiscal year 2026 (March 2027). The project follows joint pilot testing that began in November 2025 with involvement from Japan’s Financial Services Agency, while details such as token design, target users, and settlement setup have not been disclosed.