MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation (SMBC) are working toward a joint stablecoin issuance by March 2027. Multiple reports say the banks have formed a council to examine the operational and governance frameworks needed for issuing stablecoins together.
According to the coverage, the council is tasked with developing the groundwork for how the stablecoin would be issued and managed, including establishing decision-making and oversight arrangements. The plans are described as targeting the banks’ next fiscal-year period, with one outlet citing fiscal year 2026 as the timeframe for preparation.
While details on the stablecoin’s technical design, issuer structure, or regulatory approvals are not provided in the excerpts, all sources agree on the key point that the three megabanks are coordinating jointly rather than acting independently. The effort reflects a coordinated move by Japan’s largest banks to prepare for stablecoin issuance within a defined timetable.
