Japanese Banking Giants Enter Stablecoins, Challenge USDT and USDC Dominance

Three of Japan's largest banks, Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho, are launching stablecoins pegged to the Japanese yen and US dollar to challenge USDT and USDC dominance, with plans to issue 1 trillion yen worth ($6.64 billion) over three years as Japan's crypto adoption doubled 120% year-over-year.