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Japan's three largest banks aim for joint stablecoin issue by March
Key takeaways
- Three of Japan's largest banks said they will jointly issue a stablecoin this financial year, which ends in March.
- The three banks will act as "joint settlors and a trust bank or similar institution will act as trustee," the statement said.
- Japan's Financial Services Agency (FSA) signaled support for the development of a stablecoin by the three banks last November.
Three of Japan's largest banks said they will jointly issue a stablecoin this financial year, which ends in March.
Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMBC) and Mizuho Financial Group will establish a council to explore operational frameworks and prepare for the issuance of stablecoins, according to a statement on MUFG's website.
The three banks will act as "joint settlors and a trust bank or similar institution will act as trustee," the statement said.
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