Share this article
Japan's Top Banks Plan Joint Stablecoin Launch: Nikkei
Mitsubishi UFJ, Sumitomo Mitsui and Mizuho Financial Groups aim to create a shared framework for stablecoin issuance and transfer, according to a story in Nikkei.
Oct 17, 2025, 1:43 p.m.
What to know:
- Japan's Mitsubishi UFJ, Sumitomo Mitsui and Mizuho Financial Groups plan to launch a stablecoin, Nikkei reported Friday.
- The stablecoin will initially be pegged to the Japanese yen, with potential for a dollar-denominated version.
- Stablecoin adoption is spreading rapidly as nation's put regulations in place.
Japan’s three largest banking groups are reportedly planning to jointly launch a stablecoin as institutional interest in blockchain-based digital money grows.
According to a Friday report from the Nikkei, Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group and Mizuho Financial Group will create a shared framework for issuing and transferring stablecoins among their corporate clients. The tokens will be pegged to real-world currencies, starting with the Japanese yen, with a dollar-denominated version potentially to follow.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The stablecoins will be built on a system that allows interoperability between banks under common technical and legal standards,, the report said. While details on the infrastructure remained limited, the initiative marks a coordinated effort to digitize interbank settlements in a way that mirrors existing fiat rails. Notably, MUFG founded a blockchain infrastructure and tokenization platform Progmat in 2023, backed by a wide consortium of Japanese institutions.
The move comes as stablecoin adoption is rapidly spreading globally, with nation's putting regulations in place. U.S. dollar-pegged tokens dominate the market, with Tether's USDT and Circle's USDC taking up the bulk of the $300 billion sector.
A group of nine European banks, including heavyweights ING and UniCredit, reportedly plan to issue a euro stablecoin to counter the dominance of U.S. dollar-backed tokens. Major U.S. banks are also mulling issue a stablecoin jointly.
In August, fintech firm JPYC was reportedly obtained license as a money transfer operator with the Financial Services Agency (FSA), a necessary step for offering its Japanese yen-backed token legally. Japanese financial giant SBI Holdings also announced plans to distribute Ripple’s U.S. dollar-pegged stablecoin (RLUSD) in Japan as early as the first quarter of 2026, pending regulatory clearance.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Binance Overhauls Stablecoin Trading with Trump-Linked USD1
The exchange is adding new USD1 trading pairs and replaces BUSD collateral with the token.
What to know:
- Binance is expanding the use of World Liberty Financial's USD1 stablecoin on its platform.
- New trading pairs BNB/USD1, ETH/USD1, and SOL/USD1 will be available, and Binance will convert BUSD reserves to USD1.
- World Liberty Financial is a digital assets platform with close ties to the Trump family.
Top Stories
