The post Japan’s Three Banking Heavyweights To Jointly Issue Stablecoins For Speedier Corporate Payments ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement &nbsp &nbsp Three of Japan’s top megabanks are reportedly developing a joint stablecoin protocol designed for businesses as institutional interest in blockchain-based digital money increases. Three Leading Japanese Banks Are Working On JPY, USD Stablecoins Mitsubishi UFJ Financial Group (MUFG), Bank Sumitomo Mitsui Banking Corp. (SMBC), and Mizuho Bank aim to modernize corporate settlements and reduce transaction costs through blockchain-based payment solutions built on MUFG’s stablecoin issuance platform Progmat, according to a Friday report from Nikkei. Progmat was launched back in 2023, backed by a wide consortium of Japanese institutions. The consortium’s agenda involves creating a shared system for issuing and transferring stablecoins between the banks’ corporate clients, the report said. The tokens will be pegged to fiat currencies, beginning with the Japanese yen, with a dollar-pegged version likely to follow.  The trio expects to roll out the stablecoin by the end of 2025. Mitsubishi Corporation will be the first to onboard the novel stablecoin rails for internal settlements, spanning the banks’ 300,000+ enterprise relationships. Advertisement &nbsp If successful, the initiative could establish Japan’s first bank-backed stablecoin network under a unified framework. Booming Stablecoin Market The banks’ stablecoin efforts follow institutional momentum on stablecoins, with nation-states scrambling to put the necessary regulations in place. In August, Nikkei revealed that Japan’s Financial Services Agency (FSA) was readying to approve the issuance of yen-denominated stablecoins. In the U.S., President Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoin (GENIUS) Act, which creates a regulatory framework for stablecoins issued by U.S. firms. The project by the top Japanese banks comes as the global stablecoin market, dominated by U.S.-dollar-pegged tokens like Tether’s USDT and Circle’s USDC, has grown to over $300 billion. Major U.S. heavyweights, including Goldman Sachs, Bank of America, Citi, Barclays, Deutsche Bank, and Wells… The post Japan’s Three Banking Heavyweights To Jointly Issue Stablecoins For Speedier Corporate Payments ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement &nbsp &nbsp Three of Japan’s top megabanks are reportedly developing a joint stablecoin protocol designed for businesses as institutional interest in blockchain-based digital money increases. Three Leading Japanese Banks Are Working On JPY, USD Stablecoins Mitsubishi UFJ Financial Group (MUFG), Bank Sumitomo Mitsui Banking Corp. (SMBC), and Mizuho Bank aim to modernize corporate settlements and reduce transaction costs through blockchain-based payment solutions built on MUFG’s stablecoin issuance platform Progmat, according to a Friday report from Nikkei. Progmat was launched back in 2023, backed by a wide consortium of Japanese institutions. The consortium’s agenda involves creating a shared system for issuing and transferring stablecoins between the banks’ corporate clients, the report said. The tokens will be pegged to fiat currencies, beginning with the Japanese yen, with a dollar-pegged version likely to follow.  The trio expects to roll out the stablecoin by the end of 2025. Mitsubishi Corporation will be the first to onboard the novel stablecoin rails for internal settlements, spanning the banks’ 300,000+ enterprise relationships. Advertisement &nbsp If successful, the initiative could establish Japan’s first bank-backed stablecoin network under a unified framework. Booming Stablecoin Market The banks’ stablecoin efforts follow institutional momentum on stablecoins, with nation-states scrambling to put the necessary regulations in place. In August, Nikkei revealed that Japan’s Financial Services Agency (FSA) was readying to approve the issuance of yen-denominated stablecoins. In the U.S., President Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoin (GENIUS) Act, which creates a regulatory framework for stablecoins issued by U.S. firms. The project by the top Japanese banks comes as the global stablecoin market, dominated by U.S.-dollar-pegged tokens like Tether’s USDT and Circle’s USDC, has grown to over $300 billion. Major U.S. heavyweights, including Goldman Sachs, Bank of America, Citi, Barclays, Deutsche Bank, and Wells…