# Japan's Three Largest Banks Complete Yen Stablecoin Payment Trial

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/35510
Published: 2026-10-20T09:50:16.000Z
Updated: 2026-10-20T09:50:16.000Z
Section: Business

> The July test used a cross-border payment scenario involving Mitsubishi Corporation. The banks aim to begin real transactions by the end of March 2027.

Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation completed a joint yen stablecoin trial for cross-border corporate payments as they pursue live transactions by March 2027.

The banks ran the proof of concept from July 17 to 23, using payments between Mitsubishi Corporation’s locations in Japan and overseas as the test scenario. They examined how to issue, transfer and redeem the token, along with the systems and procedures needed to operate it.

Under the trial’s trust structure, the three banks were joint settlors and Mitsubishi UFJ Trust and Banking Corporation was the trustee. The stablecoin was issued as a specified trust beneficiary right under Japan’s Payment Services Act. The test also covered anti-money laundering controls, system reliability and customer protections.

Japan’s Financial Services Agency, the country’s financial regulator, selected the project for support in November 2025. The completed trial tested a shared issuance model; it did not launch a commercial payment service.

The banks plan further work on customer safeguards, cybersecurity and system stability as they aim to start real transactions by the end of March 2027.