Japanese Banks To Launch Yen Stablecoin

Today in crypto, Japan’s top banks reportedly plan to launch a joint yen-based stablecoin, more than five new crypto exchange-traded funds (ETFs) were applied for this week, despite the ongoing US government shutdown, and crypto industry executives joined President Donald Trump’s White House fundraiser dinner.

Japanese mega banks to jointly issue yen-pegged stablecoin: Report

Three of Japan’s largest banks reportedly plan to jointly issue a yen-pegged stablecoin, contributing to the region’s growing adoption of crypto technology within its financial infrastructure. 

Nikkei reported on Friday that Mitsubishi UFJ Financial Group (MUFG), Bank Sumitomo Mitsui Banking Corp. (SMBC) and Mizuho Bank plan to modernize corporate settlements and reduce transaction costs through a yen-based stablecoin project built on MUFG’s stablecoin issuance platform Progmat.

The banks, which collectively serve more than 300,000 corporate clients, aim to standardize the token to make it interoperable for payments within and between companies. The consortium expects to roll out the stablecoin by the end of the year.

Mitsubishi Corp. will be the first entity to implement the stablecoin for internal settlements. With over 240 subsidiaries globally, the company aims to streamline international transfers on dividends, acquisitions and customer transactions, saving on fees and administrative burdens. 

If successful, the project could establish Japan’s first bank-backed stablecoin network under a unified framework

“ETFtober” gets bigger, with over five new crypto ETFs filed this week

There has been a flurry of activity within crypto exchange-traded funds, with at least five new product applications filed with the US Securities and Exchange Commission this week despite the ongoing government shutdown. 

The most recent development came from VanEck, which filed an S-1 form with the SEC on Thursday for the VanEck Lido Staked Ethereum ETF, which will track the performance of stETH, Lido’s liquid staking token.

As a result of the protocol-based liquid staking activities underlying stETH, “the trust expects to accrue certain staking rewards through its ownership of stETH,” it stated. 

21Shares filed for a leveraged crypto ETF with 2x exposure to the Hyperliquid native token, HYPE, on Thursday. The leverage applies only to the single-day performance of the token, instead of extended periods.

Crypto execs fork over cash at Trump’s ballroom fundraiser: Report

US President Donald Trump hosted a dinner for companies pledging funds to build a new ballroom in the White House, with attendees reportedly including Gemini co-founders Cameron and Tyler Winklevoss, and executives from Coinbase and Ripple.

According to a Wednesday Wall Street Journal report, among the donors and attendees of the dinner at the White House were the Winklevosses and representatives from Coinbase Global and Ripple Labs. The dinner was reported to be aimed at funding for the White House ballroom proposed by Trump in July, which was estimated to cost $250 million.

The ballroom is projected to add about 90,000 square feet — 8,361 square meters — to the White House. Cointelegraph reached out to Coinbase, Ripple, Gemini and the White House for comment on the amount of the donations, but had not received a response at the time of publication.

The fundraising dinner came at the end of the 15th day of a US government shutdown, when many federal agencies are operating with limited staff and employees have been furloughed. As of Thursday, there have been no reports of a deal between Democrats and Republicans in Congress to pass a bill to continue to fund the government.

Other attendees reported at the fundraising event included representatives from Meta, Google, Amazon, Lockheed Martin and Microsoft. Former Bakkt CEO Kelly Loeffler, currently working as the administrator of the Small Business Administration under Trump, reportedly attended as well.