MUFG, Mizuho and Sumitomo Mitsui Bank aim to conduct actual commercial transactions during fiscal year 2026 using a stablecoin under which the they will act as joint settlors and a trust bank or similar institution will act as trustee.
As part of this initiative, the banks have signed an MoU to establish a voluntary council to jointly examining operational frameworks, governance, and other related matters toward the practical implementation of the stablecoin.
Background
Recently, the use of blockchain technology to enhance payment systems is being increasingly explored both in Japan and elsewhere around the world, with initiatives such as tokenized deposits and stablecoins being considered. Against this backdrop, through a demonstration experiment that was selected last November as a supported project under the Financial Services Agency’s “FinTech Proof-of-Concept Hub,” the Three Banks have been jointly holding discussions aimed at the issuance of the Subject Stablecoin.
Launch of Live Transactions Using the Subject Stablecoin (within FY2026)
With an eye toward the potential use of stablecoins across a wide range of use cases, the Three Banks will accelerate their initiatives with the aim of launching live transactions of the Subject Stablecoin during fiscal year 2026.
Positioning of the Council
The Council will serve as a framework for examining the potential development of an issuance infrastructure related to the Subject Stablecoin, as well as the design of systems, schemes, and governance structures. The Three Banks will proceed with preparations for establishing the Council and continue their examination of the Subject Stablecoin while taking into account relevant laws and regulations as well as market trends. In addition, the Council will also consider approaches to collaboration with financial institutions and other relevant stakeholders that may potentially participate in the future.
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Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 40 countries. The Group has about 150,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing.
Banking 4.0 – „how was the experience for you”
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Many more interesting quotes in the video below:
