Japanese Megabanks Establish Consortium to Roll Out Shared Stablecoin by Fiscal 2026
The nation’s three banking giants—Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation (SMBC)—announced today a formal agreement to fast-track the commercial launch of a jointly issued stablecoin. The megabanks aim to initiate live, practical transactions using the new digital asset within fiscal year 2026.
Under the framework, the three banks will act as co-settlors, with the stablecoins issued via trust agreements utilizing trust banks as trustees. To ensure a smooth rollout, the institutions have signed a basic agreement to establish a dedicated council. This new body will oversee operations, establish governance structures, and design the overall scheme and issuance infrastructure.
The initiative follows a period of heightened domestic and international interest in tokenized deposits and stablecoins. The trio's practical discussions were previously catalyzed last November when their joint project received backing from the Financial Services Agency’s (FSA) "Fintech Innovation Hub / Payment Modernization Project (PIP)".
Looking ahead, the newly formed council plans to align its strategy with current regulatory frameworks and market trends. Furthermore, the consortium has signaled openness to expansion, noting that it will explore future collaboration with other financial institutions and relevant stakeholders interested in joining the ecosystem.
Norbert Gehrke
