According to Foresight News, Mitsubishi UFJ Financial Group (MUFG) and Mizuho Financial Group (MHFG) are collaborating to develop a digital currency for business-to-business (B2B) settlements. Mizuho will participate in the digital currency framework, which is set to be issued in 2024 on the joint infrastructure of Mitsubishi UFJ Trust and Banking Corporation, a subsidiary of Mitsubishi UFJ Financial Group.

The digital currency aims to simplify complex and costly trade settlements, supporting instant settlements at nearly zero cost. This collaboration between MUFG and MHFG marks a significant step towards streamlining B2B transactions and reducing associated costs.