Japanese megabanks finish yen-stablecoin settlement pilot, BeInCrypto reports

CIE News ·

Based on reporting by BeInCrypto; not yet independently confirmed.

MUFG, Mizuho, and SMBC completed a cross-border yen stablecoin pilot, BeInCrypto reported. The banks plan a commercial deployment within fiscal year 2026.

Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Banking Corporation completed a shared Japanese yen stablecoin pilot for cross-border settlement on October 16, 2026, according to BeInCrypto. The stablecoin is issued under Japan's Payment Services Act, is fully collateralized 1:1 by commercial bank deposits, and is restricted to KYC-verified institutional clients. The trial tested minting, cross-chain transfers, and instant redemptions, with commercial deployment scheduled within fiscal year 2026.

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