MarketPR
MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation are preparing to jointly issue a yen-pegged stablecoin during fiscal 2026, a coordinated move that would put Japan's three largest banking groups simultaneously behind a single digital-currency project.
The announcement landed alongside a $175 million fundraise by Morpho and a fresh push by chief executives in support of the CLARITY Act.
Three Megabanks, One Yen Peg The decision to act jointly rather than independently is the detail worth watching.
MUFG, Mizuho, and SMBC together hold a distribution footprint that no single institution in Japan could match on its own, meaning a shared yen-backed token would enter the market with institutional reach baked in from day one.
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