Corporate payments between Japan and overseas sites framed a July yen stablecoin trial in which three banks confirmed a joint issuance model was feasible ahead of live transactions targeted for fiscal 2026.
In a joint announcement dated Oct. 16, MUFG Bank, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation (SMBC), Mitsubishi UFJ Trust and Banking Corporation and TISI Inc. said the exercise ran July 17-23. The scenario centered on transfers linking Mitsubishi Corporation operations in Japan with its locations abroad. Participants checked the token’s creation, movement and redemption across those payment steps. They also reviewed the systems and procedures needed to operate the process.
Under the arrangement, the three banks acted as joint settlors, while Mitsubishi UFJ Trust served as trustee. For the trial, the yen token was issued under Japan’s Payment Services Act as a specified trust beneficiary right. SMBC supplied the blockchain platform built by TISI; TISI connected wallet software with the issuance system.
The work covered more than token transfers: participants also examined anti-money-laundering controls, customer protections and system reliability. They said the test confirmed that a joint issuance model was feasible and that the system was safe and reliable. The exercise did not put a commercial payment service into operation. The October release also referenced related project trials from February and September 2026.
The participants said combining the banks’ customer bases could broaden corporate access, while wider stablecoin use may speed settlement. The announcement reported no measured time savings or cost figure, so those benefits remain prospective. The Financial Services Agency of Japan (FSA) selected the project for support in November 2025. In June, the banks set a goal of carrying out commercial transactions during fiscal 2026. The participants said further work would cover customer protection, anti-money-laundering measures, cybersecurity and system stability.
