Japan’s three major banking groups — Mitsubishi UFJ, Mizuho and Sumitomo Mitsui — have successfully completed a trial of a jointly issued yen stablecoin for cross-border payments. The test, conducted from July 17 to 23, 2026, validated the issuance, transfer and redemption processes of the stablecoin between Mitsubishi Corporation’s Japanese and overseas offices. The three banks jointly commission the stablecoin’s issuance, with Mitsubishi UFJ Trust and Banking Corporation acting as trustee, under a framework based on specified trust beneficiary rights under the Payment Services Act. The next phase will focus on addressing governance, regulatory compliance, cybersecurity and system stability before commercial deployment planned for fiscal 2026.
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