Japan’s three major megabanks (MUFG, Mizuho, and SMBC), along with Mitsubishi UFJ Trust and TISI Inc., have announced the successful completion of the first joint trials of a yen stablecoin. This pilot project, supervised by the Financial Services Agency, tested cross-border settlements for trading giant Mitsubishi Corporation with stablecoins issued as trust beneficiary rights. The full cycle, from issuance to redemption into fiat, ran without failures. Commercial launch is planned before the end of the current fiscal year.
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