MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation have signed a memorandum to establish a council for the joint issuance of a stablecoin. The banks aim to conduct their first commercial transactions by the end of the 2026 fiscal year, which concludes in March 2027. The council will develop the operational model, governance system, and issuance infrastructure. According to Reuters, Japan's Financial Services Agency (FSA) supports the experimental phase of the project. This initiative continues a pilot approved by the FSA in November 2025, when the banks, along with Mitsubishi UFJ Trust and Banking and Progmat, began testing the joint issuance of a stablecoin under a trust scheme for cross-border transactions with Mitsubishi Corporation.