Japan's Three Major Banks Complete Joint Pilot for Yen Stablecoin, Validating Full Cross-Border Payment Workflow

Odaily reports that Japan's Mizuho Bank, Mitsubishi UFJ Bank (MUFG), and Sumitomo Mitsui Banking Corporation (SMBC), together with Mitsubishi UFJ Trust and Banking Corporation and TISI, have completed a yen stablecoin pilot.

The test used Mitsubishi Corporation's business locations in Japan and overseas as cross-border payment scenarios, successfully validating the issuance, transfer, and redemption processes of the yen stablecoin, providing technical validation for the application of stablecoins in corporate cross-border payments. (The Block)