JAPAN'S TOP BANKS WILL JOINTLY ISSUE STABLECOIN

Japan's three largest banks, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group, will jointly issue "stablecoins", digital currencies pegged to the value of real-world currencies.

The banks will build a structure for their corporate clients to allow for stablecoins to be transferred between them along uniform standards, initially issuing a yen-pegged coin and potentially a dollar-pegged coin in the future.

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