Japan Megabanks Test First Joint Yen Stablecoin: Where Does XRP Fit?

Japan's largest megabanks (MUFG, Mizuho, and SMBC), together with Mitsubishi UFJ Trust and TISI Inc., have officially reported the successful completion of the first joint trials of a yen stablecoin. As part of a closed pilot project supervised by the state Financial Services Agency (FSA), the partners tested cross-border settlements for the trading giant Mitsubishi Corporation. The stablecoins, issued with the status of "trust beneficiary rights," went through the full cycle from issuance to final redemption into fiat without failures. The commercial launch of the system is planned before the end of the current fiscal year. Officially, Ripple is not mentioned in the consortium's documents.

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