MUFG Bank, Mizuho and SMBC jointly tested the issuance of a yen-pegged stablecoin during an experiment conducted from July 17 to 23, with Mitsubishi UFJ Trust and Banking serving as trustee. The scenario focused on cross-border payments between Mitsubishi Corporation’s Japanese and foreign offices. The three banks aim to launch real transactions during fiscal year 2026, ending in March 2027. The project, supported by the Financial Services Agency since November 2025, confirmed the technical, operational and regulatory feasibility of the trust-based model. The issued stablecoins take the form of beneficial rights backed by bank deposits, in a structure that separates the issuing banks from the fiduciary institution.
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