Japanese mega banks to jointly issue yen-pegged stablecoin: Report

Japan’s top banks plan to launch a joint yen-based stablecoin using MUFG’s Progmat platform to modernize payments and corporate settlements.

Three of Japan’s largest banks are reportedly planning to jointly issue a yen-pegged stablecoin, contributing to the region’s growing adoption of crypto technology in its financial infrastructure. 

Nikkei reported on Friday that Mitsubishi UFJ Financial Group (MUFG), Bank Sumitomo Mitsui Banking Corp. (SMBC) and Mizuho Bank plan to modernize corporate settlements and reduce transaction costs using a yen-based stablecoin project built on MUFG’s stablecoin issuance platform Progmat.

The banks, which collectively serve more than 300,000 corporate clients, aim to standardize the token to make it interoperable for payments within and between companies. The consortium expects to roll out the stablecoin by the end of the year.

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