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Japan megabanks complete cross-border yen stablecoin payment pilot

Japan's three largest banks—Mizuho, MUFG, and SMBC—have completed a joint yen stablecoin trial facilitating cross-border corporate payments for Mitsubishi Corporation.

Street view showing branch signs for Japan's three megabanks: MUFG, Mizuho Bank, and SMBC.
Image: @solidintel_x

Japan's three major megabanks—Mizuho, MUFG, and SMBC—have concluded a joint yen stablecoin pilot designed to handle cross-border payments for Mitsubishi Corporation. The trial explored a blockchain-based mechanism for corporate settlements, marking the first cross-border stablecoin payment test conducted by the country's three largest financial institutions.[1][3][4][5][7][8]

The project was carried out under a pilot backed by Japan's Financial Services Agency, according to CoinDesk. Mitsubishi UFJ Trust and TISI also participated alongside the megabanks, The Block reported.[6][7]

According to participating firms, the test verified the end-to-end issuance, transfer, and redemption processes for the yen-pegged stablecoin across transactions between Mitsubishi Corporation's offices in Japan and overseas locations.[2][3][6]

Key facts

  • Mizuho, MUFG, and SMBC completed a joint pilot testing cross-border transactions using a yen-pegged stablecoin for Mitsubishi Corporation.
  • The trial was the first cross-border stablecoin payment test conducted jointly by Japan's three largest banks.
  • The pilot was backed by Japan's Financial Services Agency.
  • Mitsubishi UFJ Trust and TISI also participated in the trial.
  • The trial tested the issuance, transfer, and redemption of stablecoins between Mitsubishi Corporation's domestic and overseas offices.

Sources · 8 sources

  1. CO

    Cointelegraph@CointelegraphPost on X ·

    🇯🇵 NEW: Japan’s Mizuho, MUFG and SMBC announce completion of a joint yen stablecoin pilot testing cross-border payments for Mitsubishi Corporation. https://t.co/Ii7c7S13SA

    Open source
  2. CB

    Crypto Briefing@Crypto_BriefingPost on X ·

    🔥NEW: Japan's three megabanks Mizuho, MUFG and SMBC have completed a stablecoin payment trial covering issuance, transfers and redemption between Mitsubishi Corporation offices. https://t.co/sfJ7rzgilJ

    Open source
  3. CN

    crypto.news@cryptodotnewsPost on X ·

    JUST IN: Japan’s three megabanks complete yen stablecoin payment pilot Mizuho, MUFG and SMBC tested cross-border payments using a yen-pegged stablecoin for Mitsubishi Corporation, exploring a blockchain-based route for corporate transfers. https://t.co/SFRehnuhq8

    Open source
  4. SI

    Solid Intel 📡@solidintel_xPost on X ·

    INTEL: Japan's three largest banks Mizuho, MUFG and SMBC complete a joint trial of yen stablecoin payments for Mitsubishi Corporation's cross-border transactions https://t.co/WZxCmJcJK3

    Open source
  5. CR

    Crypto Rover@cryptoroverPost on X ·

    BREAKING: 🇯🇵 Japan’s three largest banks completed their first cross-border stablecoin payment test. MASSIVE! 🚀

    Open source
  6. TB

    The Block@TheBlockCoPost on X ·

    THE BLOCK: Mizuho, MUFG, and SMBC have completed a joint yen stablecoin pilot with Mitsubishi UFJ Trust and TISI. The test verified issuance, transfer, and redemption processes in a cross-border payment scenario involving Mitsubishi Corporation's Japanese and overseas locations, the companies said.

    Open source
  7. CO

    CoinDesk@CoinDeskPost on X ·

    LATEST: Japan’s three largest banks, @mizuhobank, @mufgbk_official and @smbc_midosuke, complete their first cross-border stablecoin payment test in a pilot backed by the Financial Services Agency. https://t.co/PEzYebWB2s

    Open source
  8. CO

    CoinGape@CoinGapeMediaPost on X ·

    🇯🇵 NEW: Japan’s Mizuho, MUFG and SMBC announce completion of a joint yen stablecoin pilot testing cross-border payments for Mitsubishi Corporation. https://t.co/wF3Pele7eU

    Open source