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Multiple Japanese banks jointly conduct proof-of-concept for stablecoin co-issuance and cross-border payments
PANews reported on October 16 that Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Trust and Banking Corporation, and TISI Inc. announced that they had conducted a proof-of-concept experiment from July 17 to 23, 2026, in which multiple banks jointly issued a stablecoin and used it to upgrade cross-border payments. In the experiment, three banks served as co-trustors and Mitsubishi UFJ Trust and Banking Corporation served as trustee to issue the stablecoin, and the issuance, transfer, and redemption processes for cross-border settlement between Mitsubishi Corporation's Japan and overseas locations were verified. The results showed that practical knowledge of stablecoin issuance and circulation was accumulated, system security and reliability were confirmed, and the multi-bank co-issuance model is feasible.
Source: PANews