Japan’s Three Megabanks Confirm Their Shared Yen Stablecoin Works in Pilot

Japan’s three largest banks said their shared yen-denominated stablecoin cleared a July pilot, keeping the country’s highest-profile digital-money project for corporate payments on track for live transactions by March 2027. Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation (SMBC), working with Mitsubishi UFJ Trust and systems provider TISI, published the results in a joint statement on October 16. The announcement matters less for what it launches today than for what it proves: three rival megabanks that compete for deposits, lending and payments can run one shared token on a single trust structure instead of three incompatible ones.

Source: Blockchain Reporter