Three major Japanese banks—MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation—plan to begin live commercial transactions using a jointly issued stablecoin during fiscal year 2026. The banks have signed a memorandum of understanding to establish a council that will oversee governance, operations, and infrastructure planning. The initiative matters because it represents a significant step toward blockchain-based payments and stablecoin adoption within Japan’s banking sector. Next, the newly formed council will develop the stablecoin’s operational framework, governance structure, and issuance infrastructure while assessing regulatory requirements and potential participation from other financial institutions.
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