Japan's three megabanks complete yen stablecoin cross-border payment trial

• —The trial covered issuance, transfer and redemption between Mitsubishi Corp offices in Japan and overseas
• —The stablecoin uses a trust-beneficiary structure under Japan's Payment Services Act
• —Launch date, issuance size and fees have not been disclosed
• —More than 90% of global stablecoins are denominated in US dollars