Japan's Megabanks Plan a Joint Yen Stablecoin | CoinDesk Daily

— House committee hearing on crypto tax bills exposed uncertainty about legislative readiness; two provisions debated are a small-transaction exemption and a deferral option allowing miners and stakers to report income only at sale.

— Morpho, a blockchain lending protocol, raised $175 million led by Paradigm, a16z Crypto, and Ribbit Capital, signaling institutional adoption of on-chain credit infrastructure with major exchange and custody clients.

— Japan's three largest banks—MUFG, Mizuho, and SMBC—plan to launch a yen-backed stablecoin by March 2027, using a trust structure on Progmat blockchain (built by MUFG and NTT Data).

— Yen stablecoins remain negligible at under $50 million compared to a $311 billion global stablecoin market dominated by dollar-denominated tokens.

— The deferral provision in the tax bill drew significant Democratic committee concerns, and the Congressional calendar is running short for passage.

— Monitor the U.S. crypto tax bill's progress carefully; the deferral provision's fate will materially affect when miners and stakers must recognize taxable income.

— Watch institutional adoption of blockchain lending infrastructure (Morpho's $175 million raise and major exchange backing) as a sign of mainstream finance integration moving toward on-chain credit markets.