Japan's three major banks plan to jointly issue a stablecoin in fiscal year 2026.

CoinFeed reported on June 9th that, according to the Nikkei Asian Review, MUFG Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank plan to jointly issue a stablecoin pegged to fiat currency by the end of fiscal year 2026. They will also establish a special consultative organization to study practical commercial applications and operational mechanisms. The report states that the three banks are close to reaching a basic agreement. Since November 2025, the three banks, with the support of the Japanese Financial Services Agency, have been conducting pilot tests related to the joint issuance of the stablecoin.