Japan's top banks to jointly issue stablecoin, Nikkei says

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TOKYO :Japan's three largest banks, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group, will jointly issue "stablecoins", digital currencies pegged to the value of real-world currencies, the Nikkei business daily reported on Friday.

The banks will build a structure for their corporate clients to allow for stablecoins to be transferred between them along uniform standards, initially issuing a yen-pegged coin and potentially a dollar-pegged coin in the future, the Nikkei said.

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