TLDR Tech / Crypto
Japan's Three Megabanks Plan Joint Yen Stablecoin Under "Project Pax"
MUFG, Mizuho, and SMBC have signed a memorandum of understanding to jointly issue a yen-denominated stablecoin for payments and cross-border transfers, targeting live transactions by the fiscal year ending March 2027 under the working name Project Pax. The token will be issued through a trust structure with a trust bank acting as trustee while the three megabanks serve as joint settlors, running on Progmat (Japan's blockchain infrastructure platform supporting Ethereum, Polygon, Avalanche, and Cosmos). Together, the three banks serve more than 300,000 corporate customers, giving the initiative a built-in distribution network that could drive rapid adoption of stablecoin-based settlement across Japanese supply chains, with the consortium targeting one trillion yen (about $6.5 billion) in business transactions.
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