Japan’s Megabanks Finish Yen Stablecoin Pilot and Eye Real Transactions

Japan’s three megabanks, Mizuho, MUFG and SMBC, announced on October 16 that they completed a joint yen stablecoin pilot for cross-border payments, conducted in July. The test points to a new model for bank-issued digital money, with real transactions targeted for fiscal 2026. How the Yen Stablecoin Pilot Worked Three major Japanese megabanks and two