Japan’s Megabank Trio Completes Joint Stablecoin Payment Test
Key Highlights: A consortium of three major Japanese banks alongside Mitsubishi UFJ Trust and Banking Corporation completed a pilot testing stablecoin issuance, transfer, and redemption for cross-border corporate payments involving Mitsubishi Corporation. The stablecoin is structured as a specified trust beneficiary right backed by bank deposits under Japan’s Payment Services Act, with technical infrastructure and ...