MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corporation completed a proof-of-concept trial of a jointly issued yen-denominated stablecoin for payments between Mitsubishi Corporation’s Japanese and overseas offices. The July 17-23, 2026 test covered issuance, transfers and redemption, and examined operational procedures, regulatory requirements, system performance and the allocation of anti-money-laundering and counter-terrorist-financing responsibilities. Mitsubishi UFJ Trust and Banking Corporation participated as trustee under the proposed trust arrangement, while TISI provided blockchain, issuance-system and wallet infrastructure. The model would structure the token as a specified trust beneficiary right under Japan’s Payment Services Act, with underlying assets held in bank deposits and tokens distributed to customers verified by their banks. The banks said the trial demonstrated the feasibility of joint issuance, but the service is not commercially available. A June 10 statement outlined plans to begin actual trading during fiscal 2026, although the latest update did not confirm a launch date or that trading has started.