Mitsubishi UFJ Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation completed a joint pilot test of a yen-based stablecoin from July 17 to July 23, 2026.

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

Supply, adoption, and competitive dynamics of fiat-pegged tokens, tracking issuers like Tether and Circle and the payment and trading flows they power.