Japan's Three Megabanks Plan Joint Stablecoin Launch by March 2027

Japan's three largest banks—MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation—established a council to develop operational frameworks for jointly issuing a stablecoin by March 2027. The stablecoin will be issued under a trust agreement, with the three banks serving as joint settlors and a trust bank acting as trustee.

The initiative operates under the Financial Services Agency's Payment Innovation Project. Japan clarified stablecoin regulations in 2023, creating a licensing regime that requires approved stablecoins to be issued only by licensed banks, registered money transfer agents, and trust companies. The regulatory clarity has spurred institutional stablecoin activity, including JPYC in October 2025, JPYSC in February 2026, and EJPY in May 2026.