Japan’s top banks complete yen stablecoin pilot, eye launch amid Ripple links

Japan’s three leading megabanks—Mitsubishi UFJ Financial Group (MUFG), Mizuho Financial Group, and Sumitomo Mitsui Banking Corporation (SMBC)—along with Mitsubishi UFJ Trust and TISI Inc., have completed the first joint pilot of a yen stablecoin system. The closed pilot, conducted under the supervision of the Financial Services Agency (FSA), focused on cross-border settlement trials for Mitsubishi Corporation, a major Japanese trading conglomerate. Throughout the tests, the partners issued and redeemed yen-backed digital tokens recognized as “trust beneficiary rights”—a structure ensuring regulatory compliance and investor protection. Project officials reported that the pilot covered the entire transaction cycle, from stablecoin issuance to redemption in fiat, without encountering any technical issues. The consortium announced plans to commercially launch the stablecoin system before the current fiscal year’s end.

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