Japan Megabank JPY Stablecoin (JPY-MEGABANKS) Pre-launch Stablecoin Tracker
JPY-MEGABANKS
Pharos can still tell you how this asset is supposed to work, when it expects to launch, and what sources to watch. Live market, peg, liquidity, and safety surfaces activate only after the first post-launch data sync.
Full launch status and history
Announced June 10 2026 by MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation, Japan's three largest banks, which entered a memorandum of understanding to establish a voluntary council for jointly examining operational frameworks, governance, and related matters toward a jointly issued stablecoin. The Three Banks aim to conduct actual commercial transactions during fiscal year 2026 (ending March 2027) using a stablecoin issued pursuant to a trust agreement under which they act as joint settlors and a trust bank or similar institution acts as trustee; the trustee is not yet named. The council examines issuance infrastructure, system and scheme design, and governance, and will consider collaboration with other financial institutions that may participate in the future. The initiative builds on a demonstration experiment selected in November 2025 as a supported project under the Financial Services Agency's FinTech Proof-of-Concept Hub, part of the joint exploration the three banks have conducted since 2024 under the Project Pax lineage. Nikkei reporting on June 9 2026 described a yen-denominated token issued on MUFG's Progmat platform with a US dollar version to follow and a one trillion yen business-to-business volume target by 2028; the banks' own release names neither denomination nor platform. No ticker, chain, trustee, reserve composition, or attestation arrangement has been announced.
At a Glance
- Backing
- Real-World Asset Backed
- Governance
- Centralized (CeFi)
- Peg Currency
- Japanese Yen
- Jurisdiction
- Japan (Financial Services Agency (FinTech Proof-of-Concept Hub))
Launch Timeline
Get a Telegram alert when JPY-MEGABANKS becomes tracked on Pharos
Copy this exact command and send it to @PharosWatchBot. It uses this coin's exact Pharos ID, so it works even when a ticker is ambiguous.
Copy Exact Bot Command
/subscribe launch jpy-megabank-consortiumActivity Timeline
MUFG, Mizuho, and SMBC sign MOU for a jointly issued stablecoin with live transactions targeted in FY2026
Japan's three largest banks entered a memorandum of understanding to establish a voluntary council for jointly examining operational frameworks, governance, and related matters, and aim to conduct actual commercial transactions during fiscal year 2026 using a stablecoin issued pursuant to a trust agreement with the banks as joint settlors and a trust bank or similar institution as trustee.
SourceThree-bank stablecoin demonstration experiment selected for the FSA FinTech Proof-of-Concept Hub
The joint release records that the Three Banks had been jointly holding discussions aimed at issuance of the stablecoin through a demonstration experiment selected in November 2025 as a supported project under the Financial Services Agency's FinTech Proof-of-Concept Hub.
SourceThe Three-Megabank Yen
Japan's three largest banks said on June 10 2026 that they will jointly issue a yen stablecoin under a trust agreement, with MUFG, Mizuho, and SMBC as joint settlors and an unnamed trust bank or similar institution as trustee, and they aim to begin actual commercial transactions during fiscal year 2026, which ends in March 2027. A memorandum of understanding establishes a voluntary council to work through issuance infrastructure, schemes, and governance, building on a demonstration experiment selected in November 2025 for the Financial Services Agency's FinTech Proof-of-Concept Hub. Nikkei reported the token would start yen-denominated on MUFG's Progmat platform with a dollar version to follow, though the banks' own release names neither denomination nor platform. No ticker, chain, trustee, or reserve composition is public. The durable constraint is concentration: joint issuance rests on three systemically important banks and a trustee not yet chosen.
Updated
Discover
On the Launch of Live Transactions of a Three-Bank Jointly Issued Stablecoin in FY2026 and the Establishment of a Council for Jointly Examining Related Matters
The Three Banks enter an MOU to establish a council and aim to conduct actual commercial transactions during FY2026 using a trust-issued stablecoin with the banks as joint settlors.
Japan's three largest banks eye joint stablecoin issue by March 2027
Links
Related Stablecoins
Active stablecoins with similar governance, backing, or peg currency.
