MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation are joining forces to create a council aimed at launching a joint stablecoin. Their goal is to initiate commercial transactions by the end of the fiscal year 2026, which wraps up in March 2027. The newly formed council will focus on developing the operational framework, governance structure, and necessary infrastructure for the stablecoin's issuance.
The project has garnered support from Japan's Financial Services Agency (FSA), which endorses the experimental phase of this initiative. This effort builds upon a pilot program that the FSA approved in November 2025, during which the banks, along with Mitsubishi UFJ Trust and Banking and Progmat, began testing the stablecoin's issuance under a trust scheme specifically for cross-border transactions with Mitsubishi Corporation.
