The pilot verified the full lifecycle of issuance, transfer, and fiat redemption for cross-border settlements between Mitsubishi Corporation's Japanese headquarters and its overseas bases.

From the articleMizuho, MUFG and SMBC Complete Joint Yen Stablecoin PilotAlso in Japan’s Top Three Banks Confirm Feasibility of Joint Yen Stablecoin Issuance, Japan Megabanks Test First Joint Yen Stablecoin: Where Does XRP Fit? - U.Today, Japan's megabank trio completes joint stablecoin payment test, Japan’s Megabanks Finish Yen Stablecoin Pilot and Eye Real Transactions