According to the report, the banking units of the three banks will form a special committee to implement the project. Three of Japan’s largest financial institutions, all major banking groups, are working on a joint stablecoin project to develop blockchain-based payment systems. According to Reuters, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group aim to issue a joint stablecoin by March 2027.