Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank and financial services conglomerate, alongside Sumitomo Mitsui and Mizuho, aims to launch a yen-pegged stablecoin by December 2025. The project uses MUFG’s Progmat blockchain platform. It targets corporate clients to streamline payment settlements. Corporate and Cross-Border Efficiency The stablecoin enables low-cost internal transfers and cross-border transactions. Mitsubishi Corp. will use it first for dividends and purchases across 240 subsidiaries. It serves over 300,000 clients, cutting delays in traditional banking. Multi-Chain Support and Regulation Progmat runs on Ethereum, Polygon, Avalanche, and Cosmos, with plans to expand to other networks. Japan’s Financial Services Agency (FSA), the government body regulating financial markets and services, is finalizing approvals for yen-backed stablecoins. A USD-pegged version may follow. Japan’s Crypto Surge Fuels Initiative Crypto adoption in Japan jumped 120% year-over-year by June 2025. The FSA approved JPYC’s yen stablecoin in fall 2025, setting a precedent for this bank-led effort.