Japan’s three largest banks—MUFG, Sumitomo Mitsui, and Mizuho—have received approval for a proof-of-concept trial of a yen-denominated stablecoin, aiming for a practical rollout by March 2026, Nikkei reports. The pilot will test whether multiple banks can jointly issue a stablecoin while remaining fully compliant with regulations. Initially focused on yen-pegged transactions, the banks may also issue a dollar-pegged version in the future. The project leverages the infrastructure of Tokyo-based fintech Progmat and plans to serve both corporate clients and intercompany payments, marking a significant step in Japan’s adoption of digital finance.

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