Mizuho Bank, Mitsubishi UFJ Bank and Sumitomo Mitsui Banking Corporation jointly conducted a demonstration experiment involving the issuance of a yen-denominated stablecoin with Mitsubishi UFJ Trust and Banking Corporation and TISI from 17 to 23 July 2026. The experiment also tested cross-border payments between Mitsubishi Corporation’s offices in Japan and overseas.
A demonstration experiment using a stablecoin jointly issued by multiple banks was conducted in July 2026 to enhance blockchain-based payments. The issuance structure was designed with the trust bank acting as trustee and Mizuho Bank, Mitsubishi UFJ Bank and Sumitomo Mitsui Banking Corporation acting as settlors, while Mitsubishi UFJ Trust and Banking Corporation and TISI jointly operated the scheme.
The experiment was supported by the Financial Services Agency under its FinTech Demonstration Experiment Hub and the Payment Innovation Project (PIP). It aimed to assess the feasibility of a joint-issuance model for a yen-denominated stablecoin, as well as the technical feasibility of its operational and system requirements.
The experiment included reviewing the business and system requirements of the 3 settlor banks, testing operations including issuance, circulation, transfer and redemption, and examining regulatory and operational requirements for cross-border payment use cases. Sumitomo Mitsui Banking Corporation provided its blockchain platform to other companies, while the trust bank verified trust-business operations and issuance requirements.
The results confirmed the acquisition of practical knowledge, the safety and reliability of the system, and the feasibility of the joint-issuance model. The parties plan to continue considering social implementation, taking into account user protection, AML/CFT and cybersecurity.