Japan's three megabanks, Mizuho, MUFG and SMBC, are jointly issuing a single-brand trust-type stablecoin. We unpack why it skips the 1-million-yen cap, why banks are building a tool that could drain their own deposits, and how it lines up with Japan's revised Payment Services Act, the US GENIUS Act, EU MiCA and the digital yen.
Japan's three megabanks—MUFG, SMFG, and Mizuho—posted a combined net profit of 5.26 trillion yen ($33B) for the fiscal year ended March 2026, breaking the 5-trillion-yen barrier for the first time. We unpack how BOJ rate hikes drove the surge, how the numbers compare to JPMorgan and HSBC, and what Japan's monetary normalization means for global markets.
