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Major Japanese banks to launch joint stablecoin: MUFG, Mizuho, and SMBC join forces
While markets await the crypto reaction
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While markets await the crypto reaction to US inflation data, Japan's banking sector has taken a historic step: the country's three largest banks—MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation—announced a joint stablecoin issuance and plan to begin real commercial operations using it by March 2027. In a joint statement published on Wednesday, the banks said the stablecoin will be issued under a trust arrangement in which all three banks will act as co-founders and a trust bank or similar
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