Japan’s Three Megabanks Complete a Shared Yen Stablecoin Pilot; Real Transactions Targeted This Fiscal Year

Mizuho, MUFG and SMBC announced the completion of a joint yen stablecoin pilot, run 17–23 July with Mitsubishi Corporation settling between its Japanese headquarters and overseas offices. The three rivals issued one shared token under Japan’s Payment Services Act, backed by bank deposits, with Mitsubishi UFJ Trust as trustee. They target real transactions within fiscal 2026, which ends in March 2027.