{"content":"MUFG, Sumitomo Mitsui, and Mizuho Power Japan’s First Cross-Currency Stablecoin A stablecoin launch is planned by MUFG, Sumitomo Mitsui, and Mizuho, three major Japanese banks. Cross-border stablecoins will be tied to fiat currencies like the US Dollar and Yen. Mitsubishi Corporation will test the stablecoin initially. Japanese banks MUFG, Sumitomo Mitsui, and Mizuho will establish USD-Yen stablecoin Mitsubishi UFJ (MUFG), Sumitomo Mitsui, and Mizuho are apparently intending to launch a stablecoin backed by fiat currencies like the USD and JPY. Mitsubishi Corporation will test stablecoin Nikkei reports the stablecoin will enable cross-border payments. Mitsubishi Corporation will be the first to use the stablecoin for international payments. MUFG, Sumitomo Mitsui, and Mizuho will eventually roll out the platform to over 300,000 corporate partners. Blockchain-based stablecoins are backed by cash and other assets like gold to ensure a stable price. They may be used for daily transactions since they are alternatives to volatile counterparties. Stablecoins will transform Japan's financial environment and enhance business payments. The country's regulators are legalizing local Yen-backed stablecoins, which would enable new payments and cross-border transfers for businesses. Japanese financial institutions are likewise interested in tokenized deposits, as seen by Post Bank's DCJPY rollout announcement. Interest in the asset class is rising since this tokenized Yen is due in 2026. Ripple's key partner SBI wants the RLUSD stablecoin to launch in Japan in 2026. Ripple released institutional-grade stablecoin RLUSD on the XRP Ledger. The cryptocurrency industry relies on stablecoins like Tether's USDT and Circle's USDC. Stablecoins have a $312 billion market share, demonstrating its significance as a store of wealth and transaction medium. #MarketPullback #PowellRemarks #YEN #USDC $USDC ","images":["https://d35imkjvkj28kt.cloudfront.net/uploadfile/article/blog/2025102025/10/18/a0a111866ce743e0aa1713d2ff9272b4.png"],"tags":[],"tradingPairs":["USDC/USDT"],"quotearticleid":0}