Mizuho Bank MUFG Bank and SMBC Finish Yen Stablecoin Trial

Mizuho Bank, MUFG Bank and SMBC said on Oct. 16, 2026 they completed a joint trial of yen stablecoin issuance for cross-border payments.

Trial Timeline and Scope

The test ran from July 17 through July 23, 2026. Partners included Mitsubishi UFJ Trust and Banking and TISI. The group verified issuance, transfer and redemption steps on the chosen platform. SMBC supplied the blockchain platform that TISI built. Mitsubishi UFJ Trust and Banking served as agent trustee and managed trust operations.

Assumed Use Case

The trial assumed payments between Mitsubishi Corporation offices in Japan and overseas locations. The design kept trust assets in bank deposits and restricted access to identity-verified bank users. The parties noted the design may change in later stages.

Joint Model Feasibility

The test showed the feasibility of a joint issuance model by multiple banks. Each participant handled defined roles within the same workflow. The structure allowed shared responsibility for issuance and redemption without a single lead operator.

Platform and Operations

TISI built the platform used during the week-long run. The setup supported the full lifecycle of the stablecoin within the trial parameters. No public issuance occurred during or after the test period.

Next Steps

The companies plan detailed assessments toward real-world use of the stablecoin. Those assessments will review operational, technical and commercial elements before any further action. The current status stays limited to the completed trial.

Partner Roles

Mizuho Bank, MUFG Bank and SMBC formed the core group. Mitsubishi UFJ Trust and Banking handled trustee duties. TISI provided the platform build. Each entity contributed specific functions that supported the overall test.

Design Limits

The trial kept assets in bank deposits rather than other instruments. Access stayed limited to verified bank users. The group recorded these choices as part of the assumed design for this test only.

Outcome Summary

The release states the trial met its verification goals for issuance, transfer and redemption. It also confirmed the joint model worked under the tested conditions. No further deployment steps have been taken.

Future Assessment Plans

The partners will conduct further reviews before moving toward any live application. Those reviews will cover the elements needed for broader operations. The trial itself stands as a finished exercise with no public token in circulation.