Mizuho, MUFG and SMBC complete yen stablecoin pilot for Mitsubishi Corporation

MUFG: MUFG Bank serves as the core banking arm of Mitsubishi UFJ Financial Group, providing global corporate banking, trade finance, and digital financial solutions. It participated as a joint settlor in the recent yen stablecoin pilot announced today, collaborating on regulatory-compliant issuance and testing cross-border settlement processes with Mitsubishi Corporation's operations. SMBC: Sumitomo Mitsui Banking Corporation is a leading Japanese megabank focused on corporate finance, transaction banking, and international payments infrastructure. SMBC contributed to the joint pilot by helping design the issuance scheme and confirming the viability of multi-bank stablecoin operations under Japan's trust framework for the Mitsubishi Corporation use case. Mizuho: Mizuho Bank is one of Japan's three largest megabanks, offering comprehensive commercial and investment banking services across domestic and international markets. In the news, Mizuho joined MUFG and SMBC as a co-principal in completing a multi-bank yen stablecoin issuance pilot, verifying operational feasibility for cross-border payments using a trust-based model. Mitsubishi Corporation: Mitsubishi Corporation is a major Japanese general trading company with extensive global operations in energy, metals, machinery, and other sectors. The company provided the real-world cross-border payment scenario between its Japanese and overseas bases for testing the banks' yen stablecoin issuance, transfer, and redemption flows in the completed pilot. Payments: Testing focused on practical use cases including anti-money laundering controls and system reliability for cross-border settlements between corporate entities. Innovation: The three megabanks established a joint discussion council earlier in 2026 to advance governance and frameworks, targeting live yen stablecoin transactions within the current fiscal year. Regulation: The pilot builds on support from Japan’s Financial Services Agency under its Fintech Proof-of-Concept Hub Payment Innovation Project, validating multi-bank issuance under the Funds Settlement Act via a specific trust beneficial right structure.