The Japanese banking giant will release its stablecoin in 2020

Mitsubishi UFJ Financial Group, or MUFGt, the fifth largest bank in the world, is reportedly planning to issue its own digital currency in the second half of 2020.

Initiated in 2015, the digital currency project was originally intended to operate on the blockchain network and facilitate instant peer-to-peer transactions. Due to numerous delays, this initiative is to be implemented no later than 2020,

Hironori Kamezawa, president and CEO of MUFG, announced on Monday the local news agency Mainichi Shimbun of the new plans. As part of its upcoming launch, MUFG reportedly plans to launch mobile retail payments powered by digital currency in partnership with its partner, Recruit Group.

According to the report, Kamezawa said nearly 1 million Recruit member stores have already signed a collaboration agreement. "We think that everyone will be able to use it openly," said the CEO, adding that the MUFG token will in the future also be available to stores not belonging to the Recruit group.

The MUFG token is designed to be a stable blockchain token linked 1: 1 to the Japanese yen. Since the project started around five years ago, the release of the MUFG token has been delayed several times.