Three of the largest banks in Japan, Mitsubishi UFJ Financial Group (TYO:8306), Sumitomo ⁠Mitsui Financial Group (TYO:8316), and Mizuho Financial Group (TYO:8411), are poised to form a consortium to issue a jointly operated stablecoin in the current fiscal year ending in March 2027, according to a Reuters report on Wednesday, citing a joint statement from the banks.

The lenders plan to ​establish a council to review operational frameworks and prepare for the issuance, the report said.

Japan's Financial Services Agency has been operating a regulatory pilot since November 2025, as part of the country's ​efforts to use blockchain technology for better payment systems.

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