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 t

Japan’s top banks are teaming up to issue stablecoins pegged to the yen and dollar, while Sony Bank pursues a US license to launch its own digital currency.

Japan’s top banks MUFG, SMBC, and Mizuho are teaming up to issue the first yen-pegged stablecoin, enhancing cross-border payments and digital finance integration.