Summary
- Japan’s three largest banks said a joint pilot for a yen-based stablecoin confirmed its technical and operational feasibility.
- They said the test verified the full process of issuing, transferring and redeeming the stablecoin for cash in cross-border settlements, confirming the system’s safety and reliability.
- Japan’s top three banks said they are pursuing a joint stablecoin issuance project with the goal of launching live transactions within the current fiscal year.
Forecast Trend Report by Period
Japan’s three largest banks said they have confirmed the feasibility of jointly issuing a yen-based stablecoin.
NADA News reported on October 16 that Mizuho Bank, Mitsubishi UFJ Bank and Sumitomo Mitsui Banking Corp. said a joint pilot project confirmed the technical and operational feasibility of issuing a yen stablecoin.
The test was conducted from July 17 to July 23. It verified the entire process in cross-border settlements between Mitsubishi Corp.’s headquarters in Japan and its overseas bases, from issuance and transfer to cash redemption.
The participants said the experiment also confirmed the system’s safety and reliability.
Japan’s top three banks are pursuing a joint stablecoin issuance project with the goal of beginning live transactions within the current fiscal year.
Uk Jin
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