Japan's Three Megabanks Form Council to Issue Stablecoins
The three megabanks' joint council signals a concrete step toward institutional stablecoin issuance in Japan, with trust-type coins offering unlimited transfer amounts and stronger customer fund protection than existing options like JPYC.
Reporting from 1 sources: ASCII.jp.
Mitsubishi UFJ Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation announced on June 10, 2026, the formation of a council to jointly issue trust-type stablecoins, aiming to start transactions within fiscal 2026. The move follows a proof-of-concept supported by the Financial Services Agency and positions the banks against SBI's stablecoin efforts.
Mitsubishi UFJ Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation announced on June 10, 2026, that they have agreed to establish a council with a view to jointly issuing stablecoins. The three megabanks aim to start transactions within fiscal 2026, building on a proof-of-concept supported by the Financial Services Agency's Fintech Proof-of-Concept Hub and Payment Sophistication Project since November 2025.
The banks plan to issue trust-type stablecoins, where funds are deposited with Mitsubishi UFJ Trust and Banking Corporation and beneficiary rights are issued on the blockchain. Unlike JPYC, which is registered as a Type II funds transfer service provider and has a transfer limit of 1 million yen, trust-type stablecoins have no upper limit on transfers, making them suitable for large-scale corporate settlements. Major trading company Mitsubishi Corporation participated in the proof-of-concept, testing practical international remittances.
Even if a megabank or trust bank participating in this framework goes bankrupt, the trust property is protected as independent assets, meaning users' funds are expected to be withdrawable. This structure contrasts with dollar-denominated stablecoins like Tether, where the issuing company holds customer funds directly.
Synthesized by Yomimono from the 1 cited source below, including Japanese-language reporting where cited, then editorially reviewed before publishing.
Sources
- ASCII.jp 3メガバンクがステーブルコイン、SBIと競争激化か