Japan's top banks complete FSA-backed stablecoin payment test

Japan's three largest banks — Mizuho, MUFG and SMBC — have completed their first cross-border stablecoin payment test in a pilot backed by the country's Financial Services Agency (FSA). The test advances Japan's push to let banks settle cross-border payments with stablecoins under its evolving digital-payment framework.

• The pilot is part of a broader FSA-supported effort in which the megabanks have also established a council toward jointly issuing a stablecoin.
• No details were disclosed on the test's payment amount, settlement corridor or which stablecoin was used.