In brief

• Japan’s three largest banks successfully test a yen stablecoin, focusing on cross-border payments

• The token is issued under Japan’s Payment Services Act, backed by bank deposits, and restricted to users who have completed identity verification with participating banks.

• The pilot project confirmed the complete token issuance, transfer, and redemption cycle, demonstrating its security, reliability, and potential for issuance by multiple banks.

Read the original story: Japan’s megabanks complete yen stablecoin test and prepare to move forward with real transactions, by Luis Blanco at th.beincrypto.com