Japan's Leading Banks Enter the Stablecoin Market

Japan's Stablecoin Move

Japan's leading banks, Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho Financial Group, announced plans to launch a joint stablecoin. According to a report by Nikkei last Friday, this new stablecoin will initially be pegged to the Japanese yen.

Additionally, there is a possibility of developing a dollar-denominated version in the future. While the adoption of stablecoins is rapidly increasing worldwide, countries are also taking steps to regulate this sector.