Mizuho, MUFG and SMBC Complete Joint Yen Stablecoin Pilot
Mizuho, MUFG and SMBC completed a joint yen stablecoin pilot in July that covered issuance, transfer and redemption for Mitsubishi Corporation, with commercial transactions targeted for fiscal 2026. The trial also tested cross-border corporate payments between Mitsubishi Corporation locations and included AML/CFT controls, regulatory compliance and system operations.
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Banks and corporate users involved in cross-border payments would notice that the three-bank yen stablecoin trial has already run through issuance, transfer, and redemption for Mitsubishi Corporation. The target for commercial transactions is fiscal 2026, so the practical effect today is a completed pilot rather than a live product.
In practice, the trial shows a trust-based structure being used for cross-border corporate payments between Mitsubishi Corporation locations, while the pilot also checked AML/CFT controls, regulatory compliance, and system operations. What changes is that those functions were exercised together in a single trial; what stays the same is that no commercial product was launched.
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