Japan's Three Largest Banks Complete Yen Stablecoin Payment Trial

Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation completed a joint yen stablecoin trial for cross-border corporate payments as they pursue live transactions by March 2027. The banks ran the proof of concept from July 17 to 23, using payments between Mitsubishi Corporation’s locations in Japan and overseas as the test scenario. They examined how to issue, transfer and redeem the token, along with the systems and procedures needed to operate it. Under the trial’s trust structure, the three banks were joint settlors and Mitsubishi UFJ Trust and Banking Corporation was the trustee.

Source: TokenPost