On November 7, 2025, Japan's three leading banks—Mitsubishi UFJ Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation—revealed their joint plan to carry out a proof - of - concept trial for stablecoin issuance. Mitsubishi UFJ Bank and the blockchain platform Progmat are set to participate in this endeavor. The Financial Services Agency of Japan has selected this project as the inaugural key supported case within the 'Advanced Payment Project' of the newly formed 'Fintech Verification Center.'

The trial is anticipated to kick off officially this month and will be carried out over an extended period. Its primary goal is to assess the viability of employing stablecoins for cross - border settlements between the domestic and overseas branches of Japanese banks.

The three major banks will take on the role of investors. Mitsubishi UFJ Bank will function as the trustee institution, issuing stablecoins in the form of trust beneficiary rights in accordance with the Payment Services Act. Progmat will be in charge of providing the issuance and technical infrastructure. Meanwhile, each bank will be tasked with defining the requirements and establishing the evaluation criteria.

The crux of this verification process is to guarantee regulatory compliance, safeguard user interests, and confirm the feasibility of large - scale applications in the future.