Mizuho, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corporation have completed a joint pilot for a yen-backed stablecoin, according to TheDefiant. The trial, conducted in July, covered issuance, transfer and redemption. Mitsubishi Corporation was involved in the test scenario. The three banks are now targeting commercial transactions in fiscal 2026. TheDefiant’s page also notes that its articles are stored on Filecoin.
Mizuho, Mitsubishi UFJ Financial Group (MUFG) and Sumitomo Mitsui Banking Corporation (SMBC) have completed a joint pilot for a yen stablecoin.
According to TheDefiant, the July trial covered issuance, transfer and redemption, with Mitsubishi Corporation included in the test. The banks are targeting commercial transactions in fiscal 2026.
The page also states that the outlet’s articles are stored on Filecoin.
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