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Japan’s three largest banks — Mizuho Bank, Mitsubishi UFJ Bank (MUFG), and Sumitomo Mitsui Banking Corp. (SMBC) — have completed a pilot for the joint issuance of a yen-denominated stablecoin and cross-border payments, according to MUFG.
The pilot ran from July 17 to 23 under the Japanese Financial Services Agency’s fintech proof-of-concept support program. It verified the full process from stablecoin issuance to remittance and redemption for payments between Mitsubishi Corp.’s bases in Japan and overseas. The three banks participated as joint consignors, while Mitsubishi UFJ Trust and Banking Corp. issued the stablecoin as trustee under a trust agreement.