Three of Japan's largest banks — MUFG, SMBC, and Mizuho — are launching a test to use stablecoins for cross-border transfers. The goal of the project is to increase the speed of transactions and reduce costs compared to traditional banking methods.
MUFG is leading this experiment, demonstrating a commitment to implementing technologies for optimizing financial operations. SMBC is applying its technological capabilities to support the project, focusing on improving international payments. Mizuho contributes its expertise in financial inclusion and digital innovations.
This test could change the approach to cross-border transactions, reducing their costs and speeding up the process. Success could have global implications for the banking system.