Japan’s Megabanks Finish Yen Stablecoin Pilot and Eye Real Transactions

Japan’s three megabanks, Mizuho, MUFG and SMBC, announced on October 16 that they completed a joint yen stablecoin pilot for cross-border payments, conducted in July. The test points to a new model for bank-issued digital money, with real transactions targeted for fiscal 2026. How the Yen Stablecoin Pilot Worked Three major Japanese megabanks and two partners took part in the pilot project . The banks issued one shared yen token, which the group tested end to end. The partners split the work across issuance, custody, and technology, and each firm was responsible for its own part of the process. The three participating megabanks conducted the pilot from July 17 to 23, 2026. Mitsubishi UFJ Trust and Banking acted as trustee, while technology firm TISI Inc. joined as the technology provider.

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