Japan's megabanks' joint yen stablecoin
Where it stands now. Japan's three megabanks have finished a trial of jointly issuing a yen stablecoin and aim for real transactions within fiscal 2026.
The record 3 developments
Japan's three megabanks finish joint yen stablecoin payment trial
What happened. On 16 October, Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Trust and Banking and system vendor TISI announced they had tested jointly issuing a yen stablecoin. The trial ran from 17 to 23 July 2026 and covered cross-border payments between Mitsubishi Corporation's offices in Japan and abroad. The five firms said they tested the full cycle of issuing, transferring and redeeming the coin for cash.
Why it matters. The firms said the trial confirmed that a model of several banks issuing one stablecoin together is feasible. CoinPost reported they aim for real transactions within fiscal 2026.
- The three banks set up a trust as joint settlors, with Mitsubishi UFJ Trust and Banking as trustee, and issued the coin as a "specified trust beneficiary right" under Japan's Payment Services Act.
- The system used a blockchain platform that Sumitomo Mitsui Banking Corporation commissioned TISI to build.
- The trial was based on the first project chosen for support under the Financial Services Agency's Payment Innovation Project, in November 2025.
- For real use, they are considering a design backed by deposits that circulates among users whose identity has been checked at a bank.
Read the originals (3), usually in their own language
- (no headline in the material) · NADA NEWS
- Three megabanks complete cross-border payment trial with jointly issued stablecoin · CoinPost, headline translated by us
- Major Japanese banks finish yen stablecoin test, moving to real transactions · BeInCrypto Thailand, headline translated by us
Japan's FSA backs the megabanks' joint stablecoin project
Japan's Financial Services Agency will support the country's three largest banks in issuing a stablecoin, CoinDesk reported on 7 November 2025. NADA NEWS says it was the first project chosen under the FSA's Payment Innovation Project.
Japan's top banks plan a joint stablecoin launch, Nikkei reports
CoinDesk reported on 17 October 2025, citing Nikkei, that Japan's top banks plan to launch a stablecoin together.