Japan’s top 3 banks plan a joint stablecoin launch by fiscal year 2026, targeting over 300,000 corporate clients.
Japan is preparing for a major shift in digital finance. Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation and Mizuho Bank are partnering up. According to Nikkei, they will launch a fiat-backed stablecoin by fiscal year 2026.
Japan’s Big 3 Banks Plan Historic Digital Currency Alliance
In addition, the 3 megabanks will establish a formal council to lead this effort. This council will discuss how to operate in a real world trading and settlement. The banks are likely to soon reach a basic agreement.
3メガバンク、26年度中にステーブルコイン共同発行へ 協議会を設置https://t.co/Ml0BiDG9Jz
— 日本経済新聞 電子版（日経電子版） (@nikkei) June 9, 2026
In addition, the 3 banks started a pilot project with the Financial Services Agency of Japan in November 2025. The partnership paved the way for this joint stablecoin release. The council will now be looking at the relevant legislation and market trends carefully.
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Progmat, a Distributed Ledger Technology platform based in Tokyo, will be used to operate the stablecoin system. Progmat is created specifically for the issuance of digital assets in Japan with security. Thus, this platform provides the banks with a solid and reliable technical base.
Furthermore, Mitsubishi Corporation will be the first big user of this new stablecoin system. The trading conglomerate will be using the digital coins for their treasury operations. It will also use them to effectively and efficiently apply to complex cross-border commercial settlements.
Megabanks Set Sights on 300,000 Corporate Clients and Securities Markets
The 3 megabanks are targeting more than 300,000 corporate clients for the new platform, meanwhile. This is a fast settlement network on-chain, which will compete directly with the offshore stablecoins. Thus, Japan may be able to lessen the reliance on foreign digital currency systems.
Moreover, the banks are also looking to expand the platform to financial securities trading. This expansion effort is being undertaken with the help of key partners such as Nomura Holdings and Daiwa Securities. They will enable traditional financial securities to be traded with the stablecoin.
The step marks a larger trend of digitalization of Japan’s financial system. Consequently, both corporate payments and securities settlement could move onto one unified platform. Such a change would significantly accelerate and reduce the costs for Japanese companies.
Moreover, the stablecoin is backed by fiat money, maintaining its value. This design is safer and more convenient to use in the business environment on a daily basis. Unlike other ccurrencies, it is not subject to price fluctuations and can be relied upon by businesses.
This is also aided by Japan’s regulatory framework. Since the pilot started in November 2025, the Financial Services Agency has been actively participating. As a result, the project is progressing well with the support of the government and legal advice.
In summary, the collaboration between these two stablecoins is a significant milestone for the digital economy in Japan. The 3 megabanks, along with Nomura Holdings and Daiwa Securities, are creating something historic. If it works, this platform will change the way Japan’s corporate world deals with money and settlements entirely.