Japan's three major banks plan to jointly issue a stablecoin by March 2027.

CoinFeed reported on June 10th, citing Reuters, that Japan's three major banking groups—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group—will jointly issue a stablecoin by March 2027. The banking divisions of the three banks will establish a committee to review the operational framework and prepare for the issuance. Japan's Financial Services Agency has been supporting the pilot phase of the project as part of a national effort to enhance the payment system using blockchain technology. Japanese startup JPYC began issuing a yen-pegged stablecoin last October.