Japan’s megabank trio completes joint stablecoin payment test

Japan's three largest banks, MUFG, SMBC, and Mizuho, have completed a joint proof-of-concept for stablecoin-based cross-border payments. The test demonstrates that blockchain settlement can reduce costs and processing times compared to traditional correspondent banking. While no specific token was named, the successful trial by major regulated institutions supports broader blockchain adoption and could accelerate stablecoin integration in mainstream finance.