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Japan’s three largest banks: #MUFG , #SMBC , and #Mizuho - are reportedly planning to launch a joint fiat-backed stablecoin by #FY2026

The initiative follows a pilot conducted with Japan’s Financial Services Agency and could mark a major step toward bank-issued digital currencies in one of the world's largest financial markets.

Japan is targeting the $#ETF market with $6.4 billion in traded crypto indicators. The Japanese Financial Services Agency is gearing up to launch $#ETF spot traded crypto indicators and investment ETFs, while banks and institutions like #SBI, #Rakuten, #Nomura, and $#SMBC are developing new investment tools. With 14 million investors and a market cap of $34 billion, plus a tax reduction from 55% to 20%; Japan is set to expand in the crypto market.