Update
Japan’s Megabanks Prepare Corporate Stablecoin Launch After Successful Tests
Japan’s three largest banking groups, MUFG, Mizuho, and SMBC, have completed their first joint yen stablecoin trials. The pilot processed transactions for Mitsubishi Corporation, covering issuance, settlement, and redemption into traditional currency. The consortium plans a commercial launch before the current fiscal year ends. The initiative uses Progmat, a tokenization platform developed by MUFG that operates on Avalanche. The successful trials demonstrate how established financial institutions can adopt blockchain technology without relying entirely on external payment networks.