Japan's three major banks plan to jointly issue stablecoins by 2026

According to Nikkei News, Sumitomo Mitsui Banking Corporation, Mizuho Bank, and Mitsubishi UFJ Bank plan to jointly issue stablecoins pegged to legal tender in 2026, and have established a negotiation mechanism to promote application design. The three banks are expected to sign a basic agreement soon, and have conducted joint empirical experiments under the guidance of the Japan Financial Services Agency since November 2025 to prepare for the issuance of stablecoins.