On June 10, 2026, three of Japan's largest banks — MUFG, SMBC, and Mizuho — announced the formation of a council to research operational frameworks and prepare for potential stablecoin issuance. This move aligns with Japan's progressive regulatory environment for digital assets, which has established clear guidelines for stablecoin operators under the revised Payment Services Act. The council will focus on compliance, technical infrastructure, and interoperability with existing financial systems. By banding together, these banks aim to set industry standards and accelerate the adoption of stablecoins in Japan, potentially challenging the dominance of foreign-issued stablecoins like USDT and USDC. The initiative signals a significant step toward mainstream financial integration of cryptocurrencies, as traditional banking giants leverage their trust and regulatory expertise to enter the digital currency space.

Key facts

• MUFG, SMBC, and Mizuho form council to research stablecoin issuance frameworks.
• Council to explore operational compliance, technical infrastructure, and systemic integration.
• Japan's revised Payment Services Act provides clear regulatory path for stablecoins.
• Major banks aim to challenge dominance of foreign stablecoins like USDT and USDC.
• Initiative signals growing mainstream acceptance of digital currencies in traditional finance.