Deployments · Progmat · platform by Progmat
MUFG, SMBC and Mizuho jointly issued yen stablecoinUpdated 28 Oct 2026
Japan's three megabanks are working on a trust-type yen stablecoin that they would issue jointly as settlors, with a trust bank as trustee. A trial with Mitsubishi UFJ Trust and Banking, Progmat and Mitsubishi Corporation, which plans to use it for payments between its Japanese and overseas offices, was the first project backed by the FSA's Payment Innovation Project in November 2025. In June 2026 the banks agreed to set up a council and said they aim for live commercial transactions within fiscal 2026, to March 2027.
Proof of concept since 7 Nov 2025[2] — Proof-of-concept under FSA support; no live issuance yet. · Reviewed 13d ago
- Assets
- Networks
- Unknown ledger Not disclosed[2]The sources do not name the ledger. Progmat's Avalanche L1 was earlier inferred from Progmat's role and removed by editor decision 2026-10-18-japan-korea-1.
- Jurisdictions
- Japan
Participants
- MUFGIssuer[3][4]Japan
- SMBCIssuer[3]Japan
- MizuhoIssuer[3]Japan
- ProgmatPlatform provider, Technology provider[2][4]Japan
- Mitsubishi CorporationClient or user[2]Japan
- Financial Services Agency (Japan)Legal or professional adviser[2]Japan
Operates under
- Japan Payment Services Act stablecoin framework (electronic payment instruments)Japan · Primary legislation[2]
Likely relevant regulation
Timeline
- Expected Mar 2027 (month only) · Launch · recorded 12 Oct 2026Target for first live commercial transactions (by the end of fiscal 2026).[3]
- Happened 10 Jun 2026 · Announcement · recorded 12 Oct 2026MUFG Bank, Mizuho Bank and SMBC agree to form a council and aim for live transactions with the jointly issued stablecoin within fiscal 2026.[3]
- Happened 13 Feb 2026 · Scope expansion · recorded 18 Oct 2026Nomura, Daiwa and the three megabank groups announce an FSA-backed trial of blockchain transfer of book-entry securities that assumes this stablecoin as the payment leg.[1]
- Happened 7 Nov 2025 · Announcement · recorded 12 Oct 2026The FSA selects the megabanks' joint stablecoin trial, with Mitsubishi UFJ Trust and Banking, Progmat and Mitsubishi Corporation, as the first Payment Innovation Project case.[2]
Sources
- [1]Proof of concept on trading and transfer of rights in traditional assets using blockchain and digital money accepted as a supported case by the FSA FinTech Proof-of-Concept Hub — Nomura Securities, Daiwa Securities, MUFG, Mizuho Financial Group and Sumitomo Mitsui Financial Group (joint release), 13 Feb 2026. Accessed 18 Oct 2026. In Japanese; our summary is translated.B
- [2]3メガバンクがステーブルコイン共同発行の実証実験 金融庁もサポート — Impress Watch, 7 Nov 2025. Accessed 12 Oct 2026. In Japanese; our summary is translated.C
- [3]On the Launch of Live Transactions of a Three-Bank Jointly Issued Stablecoin in FY2026 and the Establishment of a Council for Jointly Examining Related Matters — MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corporation (joint release), 10 Jun 2026. Accessed 12 Oct 2026.B
- [4]複数の銀行による共同でのステーブルコイン発行とクロスボーダー決済の高度化に係る実証実験が金融庁「FinTech実証実験ハブ」の支援案件に採択 — MUFG Bank, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Trust and Banking and Progmat (joint release), 7 Nov 2025. Accessed 28 Oct 2026. In Japanese; our summary is translated.B
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