According to BeInCrypto, Mizuho, MUFG and SMBC — Japan’s three megabanks — announced on October 16 that they had completed a joint yen stablecoin pilot conducted in July. The pilot involved the banks and two other entities and focused on cross-border payment functionality. Real transactions using the stablecoin are targeted for fiscal year 2026. How the Yen Stablecoin Pilot Worked Three major Japanese megabanks and two other parties participated in the test, which demonstrated a model for bank-issued digital money intended for use in payments.
