Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation said a trial confirmed the feasibility of jointly issuing a yen stablecoin. According to Foresight News, the banks conducted the experiment from July 17 to 23, 2026, with the three banks acting as co-trustors and Mitsubishi UFJ Trust and Banking Corporation as trustee.

The trial tested issuance, transfer, and redemption processes for cross-border settlements between Mitsubishi Corporation’s Japan and overseas locations. The parties said they plan to use deposits as reserve assets, though the design may change.

The experiment was selected in November 2025 as the first supported case under Japan’s Financial Services Agency’s Payment Advanced Project (PIP). The three banks announced in June 2026 that they plan to begin actual transactions within fiscal year 2026.