Japan’s megabank trio completes joint stablecoin payment test

The test simulated transfers between Mitsubishi Corporation's domestic and overseas offices and examined the regulatory, operational and system requirements for implementing the service. Japan’s three major banking groups have completed a trial of a jointly issued yen stablecoin for cross-border payments, validating the issuance and redemption process and the feasibility of a shared banking framework, according to a Friday press release . The three lenders first unveiled plans in June to formalize a basic agreement and establish a council to coordinate the development of a fiat-pegged stablecoin targeted for fiscal 2026. The initiative followed a pilot launched with Japan’s Financial Services Agency in November 2025 and was part of a push by Japanese banks to develop blockchain-based payment infrastructure.

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