Yen Stablecoin: Why Japan’s Rival Megabanks Chose to Issue Together
Photo: ETHNews
Japan’s three megabanks confirmed that one jointly issued yen stablecoin works in a controlled test. The pilot modeled cross-border treasury transfers for Mitsubishi Corporation. The banks disclosed no transaction volumes, settlement times or cost savings. Live corporate transactions remain targeted before the end of Japan’s current fiscal year. Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation (SMBC) said on October 16 that a yen stablecoin pilot they ran between July 17 and 23 with Mitsubishi UFJ Trust and Banking and systems provider TISI confirmed that Japan’s three largest banks can jointly issue and operate a single digital token for…
Source: ETHNews
