Three of Japan’s largest banks reportedly plan to jointly issue a yen-pegged stablecoin, contributing to the region’s growing adoption of crypto technology within its financial infrastructure.
Nikkei data-ct-non-breakable=”null” href=”https://asia.nikkei.com/spotlight/cryptocurrencies/japan-s-sumitomo-mitsui-and-two-other-banks-to-jointly-issue-a-stablecoin” rel=”noopener nofollow” target=”_blank” title=”null”>reported on Friday that Mitsubishi UFJ Financial Group (MUFG), Bank Sumitomo Mitsui Banking Corp. (SMBC) and Mizuho Bank plan to modernize corporate settlements and reduce transaction costs through a yen-based stablecoin project built on MUFG’s stablecoin issuance platform Progmat.
The banks, which collectively serve more than 300,000 corporate…
