Mizuho, MUFG, and Sumitomo Mitsui Banking Corporation Announce Joint Issuance of Yen Stablecoin Pilot Results

Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation conducted a joint issuance pilot experiment for a yen stablecoin from July 17 to 23, 2026, confirming the feasibility of the joint issuance model. The experiment was jointly commissioned by the three banks, with MUFG Trust Bank acting as the trustee, and validated the cross-border settlement process between Mitsubishi Corporation's Japan and overseas locations, including issuance, transfer, and redemption. The parties indicated that future plans would involve using deposits as reserve assets, with specific designs subject to adjustment. This experiment was selected in November 2025 as the first supported case under the Financial Services Agency of Japan's "Payment Improvement Project (PIP)". The three major banks announced plans to initiate actual transactions within the fiscal year 2026 in June 2026.

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