PANews reported on June 10 that, according to Reuters, 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 project's pilot phase as part of a national effort to enhance payment systems using blockchain technology. Japanese startup JPYC began issuing a yen-pegged stablecoin last October.