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Three of Japan’s largest banks reportedly plan to jointly issue a yen-pegged stablecoin, contributing to the region’s growing adoption of crypto technology within its financial infrastructure.
Nikkei reported on Friday that Mitsubishi UFJ Financial Group (MUFG), Bank Sumitomo Mitsui Banking Corp. (SMBC) and Mizuho Bank plan to modernize corporate settlements and reduce transaction costs through a yen-based stablecoin project built on MUFG’s stablecoin issuance platform Progmat.
The banks, which collectively serve more than 300,000 corporate…
