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

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)