Financial Services Agency (Japan)

Japan's three megabanks complete proof-of-concept for a jointly issued yen stablecoin

Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation (SMBC), Mitsubishi UFJ Trust and Banking and TISI said on 16 October 2026 that they ran a proof-of-concept from July 17 to July 23, 2026 on joint stablecoin issuance and cross-border payments between Mitsubishi Corporation's Japanese and overseas locations. The stablecoin was issued as specified trust receivable rights under Article 2(9) of Japan's Payment Services Act, with the three banks as joint principal trustees and Mitsubishi UFJ Trust and Banking as agent trustee; SMBC provided the blockchain platform, built by TISI. The parties said the PoC confirmed the feasibility of a joint issuance model by multiple banks.

Mitsubishi UFJ Trust and Banking (joint release with Mizuho Bank, MUFG Bank, SMBC and TISI)