Japan's megabanks target live stablecoin transactions in FY2026

The three will establish a voluntary council for this goal.

Japan’s three megabanks are aiming to conduct actual commercial transactions using a stablecoin in fiscal year 2026.

MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation said that they will act as joint settlors, whilst a trust bank or a similar institution will act as trustee, according to a joint statement.

“With an eye toward the potential use of stablecoins across a wide range of use cases,  the three banks will accelerate their initiatives with the aim of launching live transactions of the subject stablecoin during fiscal year 2026,” the joint statement said.

The three have agreed to establish a voluntary council to jointly examine operational frameworks, governance, and other related matters towards the implementation of a stablecoin.

The council will serve as a framework to examine the potential development of issuance infrastructure of the stablecoin.

Japan’s megabanks have ramped up scaling of digital assets and new technologies in recent months, particularly artificial intelligence (AI). MUFG told Asian Banking & Finance that it is preparing a workplace where humans and artificial intelligence (AI) work side by side.

SMBC, meanwhile, has launched an agentic AI startup in Singapore with the goal of speeding up development of enterprise AI tools and attracting talent.