Update
Japan Megabanks Test First Joint Yen Stablecoin
Japan's largest megabanks (MUFG, Mizuho, and SMBC) have successfully completed the first joint trials of a yen stablecoin under the supervision of the Financial Services Agency (FSA). The stablecoins, issued with the status of 'trust beneficiary rights,' went through the full cycle from issuance to final redemption into fiat without failures. The commercial launch of the system is planned before the end of the current fiscal year. The test is viewed through the prism of the XRP Ledger ecosystem, as all of the 'big three' megabanks have a deep history of integration with Ripple's technologies.