Japan’s Top Banks to Launch Fiat-Backed Stablecoin by 2026

According to Nikkei, three of Japan’s largest banking groups—Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, and Mizuho Financial Group—are working together on plans to issue a fiat-backed stablecoin by fiscal year 2026.

As part of the initiative, the banks intend to establish a consortium to drive commercialization efforts. The move builds on a pilot program carried out in cooperation with Japan’s Financial Services Agency, paving the way for the next phase of development.

Source: Nikkei