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MUFG, SMBC, and Mizuho — Japan's three largest banks — are working toward a joint stablecoin issuance, with the institutions planning to establish a dedicated council to develop operational frameworks and prepare for launch by March.
The announcement marks the most coordinated move yet by Japan's banking establishment into digital currency infrastructure, and puts a public deadline on a conversation the industry has been circling for some time.
Council Before Coin The three banks have not announced a product — they have announced a process.
Their planned council will focus on exploring operational frameworks and building the groundwork for issuance, which places the effort firmly in a design-and-alignment phase rather than near a go-live.
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