Japan’s Financial Services Agency has been backing the experimental plan as part of a national effort to utilize blockchain technology to improve payment systems. Meanwhile, President Donald Trump has also expressed support for stablecoins, adding international political weight to the initiative.
Plans from Japan’s Major Banks
On June 9, 2026, the three major banks, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group, reported plans to issue stablecoins during fiscal year 2026. The banks are not aiming for retail wallets. Instead, they are targeting their combined enterprise client base of 300,000 companies, which provides immediate distribution scale for the token and reduces exposure to the regulatory complexities linked with consumer onboarding.
The major banks plan to obtain globally licensed banks to begin deployment of deposit tokens at scale. At present, JPMorgan Chase & Co. has already launched JPMD on Coinbase Base, linking Kinexys to the public blockchain network and enabling institutional clients to access 24/7 U.S. dollar settlement.
Consumer‑Facing Initiatives
In May 2026, SoFi Technologies distributed its SoFiUSD bank token to about 15 million members, placing it as one of the first consumer‑facing, bank‑issued stablecoins in the United States.
Across these initiatives, a recurring concern is the move away from third‑party tokens such as Tether (USDT) and USD Coin (USDC) toward instruments directly issued from regulated balance sheets. Stablecoins have already exceeded ACH network volumes in the United States, increasing competitive pressure on traditional payment networks.
Coordinating Council and Governance
In addition, banks are expected to sign a basic agreement, develop a coordinating council, and start discussions on operational systems. Initially, the council will be formed through the three major banks, with the initiative to increase participation from other financial organizations over time.
The suggested stablecoin structure enables the banks to secure authorization to conduct electronic payment services, while trust banks serve as issuance trustees.
Blockchain Experiments with Traditional Assets
It has also been reported that in 2026, five firms, Daiwa Securities Group, Nomura Holdings, Mizuho Financial Group, Mitsubishi UFJ Financial Group, and Sumitomo Mitsui Financial Group, will execute an experiment involving the trading of traditional assets such as government bonds and equities using blockchain‑based data.
According to a Coinpost report, the experiment is designed to test an actual system for securities settlement using blockchain‑based smart contracts that provide services in both digital money and securities transfers.
Government Perspective
Finance Minister Satsuki Katayama highlighted the ongoing progress in the consideration of blockchain‑based payment systems, such as tokenized deposits and stablecoins. She also noted that the implementation would be backed by the overview of legal interpretation, ensuring that the rollout aligns with Japan’s regulatory framework.
