MUFG joins 21 banks globally to form stablecoin company

It will initially focus on a USD-denominated stablecoin offering.

MUFG Bank has joined a cohort of twenty-one international financial institutions that are setting up a company that aims to issue a stablecoin.

The still-unnamed company is set to be established in H2 2026. It will operate globally and will initially focus on a USD-denominated stablecoin offering, MUFG said in a 2 September announcement.

The group aims for its stablecoin solution to go to market in the first half of 2027.

In the long-term, the company will expand issuance into stablecoins denominated in G7 currencies, with EUR offering as a priority, MUFG said.

The initiative intends to be GENIUS Act and MiCA-compliant.

The Japanese megabank is the only East Asian bank in the list, which includes banks from North America, Europe, the Middle East, and Africa.

• North America: Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, WisdomTree
• Europe: Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Coöperatieve Rabobank U.A., UBS
• Middle East: Sirius International Holding
• Africa: Standard Bank
• East Asia: MUFG Bank