Three major Japanese banks — MUFG Bank, Sumitomo Mitsui and Mizuho Bank — will jointly issue a stablecoin, Nikkei reported, as the lenders join forces to promote settlements made with pegged cryptocurrencies.
The banks have more than 300,000 major clients among them, and their stablecoin could help companies save on remittance fees, customer transactions and a host of other expenses.