According to CoinMeta, Japan's three largest banks (Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, and Mitsubishi UFJ Bank) along with Mitsubishi TISI Trust and TISI Company announced the successful completion of their first joint yen-stabilized coin pilot project. The project was supervised by the Japanese Financial Services Agency (FSA) and tested cross-border settlements conducted by Mitsubishi Corporation. The stable coin was issued in the form of "trust beneficiary rights" and went through a complete cycle from issuance to conversion to fiat currency without any failures. The commercial launch is planned to take place before the end of the current fiscal year. Although Ripple was not officially mentioned, this test is closely related to the XRP ledger (XRPL) ecosystem, as the three banks have a long history of collaboration with Ripple technology. As early as 2017, the three banks joined a consortium focused on implementing RippleNet technology. Recently, the investment departments of Sumitomo Mitsui Banking Corporation and Mitsubishi UFJ Bank reached an agreement with Ripple Labs to deploy real asset tokenization infrastructure based on the XRP ledger and institutional DEFI solutions.