Japan's Financial Services Agency has approved its fourth stablecoin pilot, allowing participants to test settlement of export receivables through TradeWaltz's digital trade-finance platform. TradeWaltz, NTT Data, Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation and Mitsubishi UFJ Trust and Banking will examine stablecoin-based payments, operational procedures and legal issues. The trial initially covers settlement between exporters and their banks after the banks approve purchases of export receivables. The FSA plans to publish its compliance, supervisory and legal findings after the experiment, which began in September 2026 and has no specified end date. The three megabanks previously participated in a separate PIP project to develop a joint payments stablecoin, which is expected to be available for commercial transactions during the fiscal year ending March 2027.