日本、穩定幣和銀行巨頭：數字金融新時代？

日本頂級銀行正在涉足穩定幣，旨在徹底改變企業結算方式，並有可能重新定義亞洲的跨境支付。這是金融的未來嗎？

Japan's financial landscape is undergoing a seismic shift. With banking titans like MUFG, SMFG, and Mizuho spearheading the charge, stablecoins pegged to the Japanese yen are poised to transform corporate settlements and potentially redefine cross-border payments.

日本的金融格局正在發生翻天覆地的變化。在三菱日聯金融集團 (MUFG)、三井住友金融集團 (SMFG) 和瑞穗銀行 (Mizuho) 等銀行業巨頭的帶頭推動下，與日元掛鉤的穩定幣有望改變企業結算方式，並有可能重新定義跨境支付。

The Rise of the Yen-Pegged Stablecoin

與日元掛鉤的穩定幣的崛起

Three of Japan’s largest banks—Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMFG), and Mizuho Financial Group—are joining forces to issue a stablecoin pegged to the Japanese yen. This initiative aims to streamline corporate fund settlements and standardize stablecoin use under a unified technical and legal framework.

日本三大銀行——三菱日聯金融集團（MUFG）、三井住友金融集團（SMFG）和瑞穗金融集團——正在聯手發行與日元掛鉤的穩定幣。該舉措旨在簡化企業資金結算，並在統一的技術和法律框架下標準化穩定幣的使用。

Collectively serving more than 300,000 corporate clients, the banks intend to cut transaction costs, reduce remittance fees, and enable seamless interoperability across company networks. Mitsubishi Corporation, one of Japan’s largest trading houses, will be the first adopter, using the stablecoin to settle internal transactions, including dividends across its more than 240 subsidiaries worldwide.

這些銀行共同為超過 300,000 家企業客戶提供服務，旨在降低交易成本、匯款費用並實現跨公司網絡的無縫互操作性。日本最大的貿易公司之一三菱公司將成為第一個採用者，使用穩定幣來結算內部交易，包括其全球 240 多家子公司的股息。

Japan's Regulatory Embrace

日本的監管擁抱

This move reflects Japan’s transition from cautious regulation to active participation in digital finance. It follows the Financial Services Agency’s approval of fintech firm JPYC’s regulated yen stablecoin in fall 2025, marking a significant step in the country’s evolving digital asset ecosystem. Japan emerged as the fastest-growing crypto market in the Asia-Pacific (APAC) region in 2025, attributed to favorable policy developments.

此舉體現了日本從謹慎監管轉向積極參與數字金融的轉變。此前，金融服務局於 2025 年秋季批准了金融科技公司 JPYC 的受監管日元穩定幣，這標誌著該國不斷發展的數字資產生態系統邁出了重要一步。得益於有利的政策發展，日本將在 2025 年成為亞太地區 (APAC) 地區增長最快的加密貨幣市場。

MUFG's Progmat Platform

MUFG 的 Progmat 平台

The stablecoin will be built on MUFG’s Progmat platform, a blockchain designed for regulated financial institutions that supports Ethereum, Polygon, Avalanche, and Cosmos. Pilot tests are expected to start soon, with a nationwide rollout slated for the end of Japan’s fiscal year in March 2026—though some sources hint at an earlier launch by late 2025.

該穩定幣將建立在 MUFG 的 Progmat 平台上，這是一個專為受監管的金融機構設計的區塊鏈，支持以太坊、Polygon、Avalanche 和 Cosmos。預計試點測試將很快開始，併計劃於 2026 年 3 月日本財政年度結束時在全國范圍內推廣——儘管一些消息來源暗示將在 2025 年末提前推出。

A Glimpse into the Future

未來一瞥

If successful, the yen-backed stablecoin could pave the way for a U.S. dollar-pegged version, positioning Japan at the forefront of regulated digital currency innovation and potentially redefining cross-border settlements in Asia. The consortium reportedly plans to issue around 1 trillion yen (approximately $6.64 billion) in stablecoins over the next three years.

如果成功，日元支持的穩定幣可能會為與美元掛鉤的版本舖平道路，使日本處於受監管的數字貨幣創新的前沿，並有可能重新定義亞洲的跨境結算。據報導，該財團計劃在未來三年內發行約 1 萬億日元（約合 66.4 億美元）的穩定幣。

The Broader Asian Context

更廣泛的亞洲背景

The megabanks’ rollout plan comes as the sector gains significant momentum in Japan and Asia. In August 2025, Japan’s Financial Services Agency (FSA) was preparing to approve the first yen-backed stablecoin this fall. Hong Kong has been working to establish itself as one of the leading crypto hubs worldwide, advancing crucial legislation to regulate the sector. Similarly, South Korea has seen multiple bills related to the issuance and distribution of KRW-pegged stablecoins introduced in the National Assembly.

大型銀行推出計劃之際，該行業在日本和亞洲勢頭強勁。 2025 年 8 月，日本金融廳 (FSA) 準備在今年秋天批准第一個日元支持的穩定幣。香港一直致力於將自己打造成全球領先的加密貨幣中心之一，推進監管該行業的重要立法。同樣，韓國國會也提出了多項與發行和分配與韓元掛鉤的穩定幣有關的法案。

Final Thoughts

最後的想法

Japan's foray into stablecoins, spearheaded by its banking titans, signals a bold step towards a digitized future. With regulatory tailwinds and technological innovation converging, the land of the rising sun might just be the land of the rising digital currency. Who knows, maybe we'll all be settling our bills with yen-pegged tokens before we know it!

日本在銀行業巨頭的帶領下進軍穩定幣，標誌著邁向數字化未來的大膽一步。隨著監管順風和技術創新的融合，旭日東昇的土地可能就是數字貨幣崛起的土地。誰知道呢，也許我們都會在不知不覺中用與日元掛鉤的代幣來結算我們的賬單！