Three of Japan’s largest banks, including Mitsubishi UFJ Financial Group, are planning to issue a yen-pegged stablecoin to modernize corporate settlements and reduce transaction costs. The stablecoin project aims to make payments interoperable for over 300,000 corporate clients and streamline international transfers for entities like Mitsubishi Corporation.

MUFG recently launched the Progmat stablecoin platform, which will be used by banks in Japan to issue yen-pegged stablecoins on various blockchain networks like Ethereum and Avalanche. The platform is expected to facilitate the issuance of bank-backed stablecoins and is already being explored by Binance Japan.

Japan’s Financial Services Agency is preparing to approve the issuance of yen-based stablecoins, with fintech firm JPYC leading the rollout. Monex Group is also considering launching a stablecoin pegged to the Japanese yen to stay competitive in the growing stablecoin market. The move signals a trend towards increased adoption of crypto technology in Japan’s financial sector.

Read more at Cointelegraph: Japan’s Mega Banks to Jointly Issue Yen-Pegged Stablecoin