Japan's leading banks, MUFG Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank, are set to jointly issue a stablecoin pegged to fiat currency by the end of fiscal year 2026. The banks plan to establish a consultative organization to explore commercial applications and operational mechanisms for the stablecoin. This initiative follows pilot tests conducted since November 2025, supported by the Japanese Financial Services Agency, as the banks near a basic agreement on the project.