The Japanese banking giant will release its stablecoin in 2020

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

Initiated in 2015, the digital currency project was initially supposed to run on a 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, told local news agency Mainichi Shimbun on Monday about the new plans. As part of its upcoming launch, MUFG is reportedly planning to launch digital currency-powered mobile retail payments in partnership with its partner, Recruit Group.

According to the report, Kamezawa said nearly 1 million Recruit member stores have already signed a partnership agreement. "We think that everyone will be able to use it openly," said the CEO, adding that the MUFG token will also be available to non-Recruit stores in the future.

The MUFG token is designed as a stable blockchain-based token pegged 1:1 to the Japanese Yen. Since the launch of the project about five years ago, the release of the MUFG token has been delayed several times.