MUFG, Mizuho and SMBC Sign MOU to Issue Yen Stablecoin, Targeting March 2027 Use

MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corporation said on June 10, 2026 they signed an MOU to jointly develop a yen-pegged stablecoin and start real corporate transactions during Japan’s fiscal year 2026, which ends March 31, 2027. The project follows a November 2025 FSA-approved proof of concept and comes as USD-backed stablecoins are estimated at 84% to 90% of a $300+ billion global stablecoin market.