Mizuho, MUFG and SMBC Complete Joint Yen Stablecoin Pilot
The July trial covered issuance, transfer and redemption for Mitsubishi Corporation, while the banks have targeted commercial transactions in fiscal 2026.
AI summary
Three of Japan's largest banks, Mizuho, MUFG and SMBC, completed a joint pilot for a yen-denominated stablecoin in July, covering issuance, transfer and redemption for trading house Mitsubishi Corporation. The banks aim to move the system into commercial transactions by fiscal 2026. A working bank-issued yen stablecoin would validate tokenized fiat settlement at institutional scale, a positive signal for stablecoin and blockchain-payments adoption even though no listed crypto asset is directly involved.
Narrative history
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1H AGOYou’re reading thisMizuho, MUFG and SMBC Complete Joint Yen Stablecoin PilotThe Defiant · Score 55
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1H AGOU.Today · Score 45 · via Yen, Joint Yen
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2H AGOCrypto Briefing · Score 45 · via completes joint, joint
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3H AGOBeInCrypto · Score 55 · via Yen, Stablecoin Pilot
