Japan's Three Megabanks Plan Shared Stablecoin Network for Corporate Payments by March 2026

On 5 March 2026, Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group were reported to be developing a joint stablecoin infrastructure for corporate payments, targeting commercial launch by March 2026. The yen-pegged stablecoin is issued via MUFG Trust on the Progmat Coin blockchain platform, integrates with SWIFT messaging, and is already being trialed by Mitsubishi Corporation for cross-border transfers between its subsidiaries.