Completed joint issuance of yen stablecoins and cross-border payment trials, with Japan's three major banks jointly advancing the effort

Odaily reports that Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Trust and Banking Corporation, and TISI announced that from July 17 to 23, 2026, they completed the joint issuance of a yen stablecoin by multiple banks and conducted a proof-of-concept experiment using the stablecoin to advance cross-border payments. The project is supported by the Japan Financial Services Agency's "Fintech Proof-of-Concept Hub / Payment Innovation Project PIP," using cross-border settlement between Mitsubishi Corporation's Japanese and overseas bases as the scenario, and completing full-process verification of stablecoin issuance, transfer, and redemption. The three banks serve as joint settlors, and Mitsubishi UFJ Trust and Banking Corporation serves as trustee, issuing the stablecoin under the relevant trust agreement.