Japan’s three megabanks complete joint test of yen stablecoin for cross-border payments

Japan’s largest commercial banks—Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation (SMBC)—have jointly completed a test of a yen-pegged stablecoin for use in domestic and international corporate payments. Mitsubishi UFJ Trust and Banking Corporation took part in the pilot, which ran from July 17 to July 23, 2026. The week-long pilot simulated payment flows between Mitsubishi Corporation’s Japanese operations and its overseas branches, aiming to evaluate the efficiency and feasibility of the stablecoin system in real-world usage. The project involved issuing the token through a trust-based structure and received support from the Financial Services Agency’s FinTech Experimental Hub. Under Japanese financial regulations, this stablecoin is designated as an electronic payment instrument.

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