Japan's three major banks jointly complete empirical test for the joint issuance and cross-border payments of yen stablecoin.

Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation (SMBC), MUFG Trust Bank, and TISI announced that they have completed a joint multi-bank stablecoin issuance and cross-border payment pilot program from July 17 to 23, 2026. The project is supported by Japan’s Financial Services Agency (FSA)’s Fintech Pilot Center Payment Innovation Program (PIP). The three banks acted as co-principals, with MUFG Trust Bank serving as trustee. Under the trust agreement, the stablecoin was issued as a specific trust beneficial right per Japan’s Funds Settlement Act, using cross-border settlements between Mitsubishi Corporation’s Japanese and overseas bases as the use case to verify regulatory compliance and operational feasibility. All parties confirmed the system’s security and the viability of the multi-bank issuance model, and completed end-to-end verification of the stablecoin’s issuance, transfer, and redemption processes. The three banks previously stated plans to launch live transactions within the 2026 fiscal year, and established a joint discussion committee. With deposits as reserves and circulation limited to bank-verified users as core design premises, they will continue advancing the implementation of stablecoins and on-chain finance.