Japan’s three biggest banks are actually teaming up to issue a coin 😅
Mizuho, MUFG, and Sumitomo Mitsui
usually compete fiercely for deposits and customers
but this time, they’ve come to the same table
The three banks issued a joint statement on October 16
Their pilot, which ran from July 17 to 23, has been successfully completed
It simulated cross-border payments
between Mitsubishi Corporation’s Japan headquarters
and its overseas branches
The structure is pretty Japanese, too
The three banks serve as joint settlors
MUFG Trust acts as trustee
Trust beneficial interests are issued under the Payment Services Act
and are backed by bank deposits
The tokens can only circulate among users who have passed bank identity verification
The goal hasn’t changed:
launch real transactions by March 2027
What matters to me isn’t the yen stablecoin itself
but the decision by three competitors to share one coin
Stablecoins have never been about who issues first
It’s about whether counterparties are willing to accept them
If a bank issues its own coin
and a customer’s supplier banks elsewhere, they can’t use it
Liquidity ends up fragmented everywhere
When all three share one coin
the network is connected from day one
But let’s keep things in perspective
This time, they didn’t disclose transaction volumes
or say how much time or money it saved
The pilot’s success doesn’t mean they’re ready for real-world commercial use
There are still plenty of issues around governance and clearing rules
But the direction is clear
On the dollar side, $USDC is charging ahead with one player publishing its books
On the yen side, the three biggest banks are joining forces to set the standards first
What do you think? Among non-dollar stablecoins,
can this bank consortium model reach scale?
Or will dollar stablecoins end up dominating the market?
#稳定币 #日本 #Cross-BorderPayments
Not investment advice. DYOR. Trading involves risk.
Mizuho, MUFG, and Sumitomo Mitsui
usually compete fiercely for deposits and customers
but this time, they’ve come to the same table
The three banks issued a joint statement on October 16
Their pilot, which ran from July 17 to 23, has been successfully completed
It simulated cross-border payments
between Mitsubishi Corporation’s Japan headquarters
and its overseas branches
The structure is pretty Japanese, too
The three banks serve as joint settlors
MUFG Trust acts as trustee
Trust beneficial interests are issued under the Payment Services Act
and are backed by bank deposits
The tokens can only circulate among users who have passed bank identity verification
The goal hasn’t changed:
launch real transactions by March 2027
What matters to me isn’t the yen stablecoin itself
but the decision by three competitors to share one coin
Stablecoins have never been about who issues first
It’s about whether counterparties are willing to accept them
If a bank issues its own coin
and a customer’s supplier banks elsewhere, they can’t use it
Liquidity ends up fragmented everywhere
When all three share one coin
the network is connected from day one
But let’s keep things in perspective
This time, they didn’t disclose transaction volumes
or say how much time or money it saved
The pilot’s success doesn’t mean they’re ready for real-world commercial use
There are still plenty of issues around governance and clearing rules
But the direction is clear
On the dollar side, $USDC is charging ahead with one player publishing its books
On the yen side, the three biggest banks are joining forces to set the standards first
What do you think? Among non-dollar stablecoins,
can this bank consortium model reach scale?
Or will dollar stablecoins end up dominating the market?
#稳定币 #日本 #Cross-BorderPayments
Not investment advice. DYOR. Trading involves risk.