---
title: "Japan Megabank JPY Stablecoin (JPY-MEGABANKS) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/jpy-megabank-consortium/"
description: "Build-time stablecoin profile for Japan Megabank JPY Stablecoin (JPY-MEGABANKS)."
dateModified: "2026-09-27"
---



# Japan Megabank JPY Stablecoin (JPY-MEGABANKS)

**Peg:** Japanese Yen

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** pre-launch

## Overview

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.

## Collateral

Pre-launch: the stablecoin is to be issued pursuant to a trust agreement under which MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation act as joint settlors and a trust bank or similar institution acts as trustee. The trustee, reserve composition, and custodians are not yet named.

## Peg Mechanism

Pre-launch: jointly issued yen stablecoin to be created under a trust agreement with Japan's three megabanks as joint settlors and a licensed trust bank or similar institution as trustee. Redemption design, issuance infrastructure, and governance are being examined by a joint council, with actual commercial transactions targeted during fiscal year 2026 (through March 2027).

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| Japan | Financial Services Agency (FinTech Proof-of-Concept Hub) | N/A |

## Live Data

This is a pre-launch stablecoin profile. Live API data is not available until launch.