Japan's Top 3 Banks Complete Yen Stablecoin Trial; Spout Finance Raises $2M
Mizuho, MUFG, and SMBC have successfully trialed yen stablecoin payments for Mitsubishi cross-border transactions. Meanwhile, Solana-based Spout Finance raised $2M to build tokenized equity lending.
What we know
An account on X reports that Japan's three largest banks — Mizuho, MUFG, and SMBC — completed a joint trial of yen stablecoin for Mitsubishi Corporation cross-border payments, a significant milestone for TradFi stablecoin adoption. Separately, @TheBlockCo reports that Spout Finance raised $2M from Draper Dragon, Anchorage Digital, and Flow Traders to build a Solana-based platform where users can borrow USDC against tokenized stocks at 50% LTV — bridging TradFi equity and DeFi lending.
Sources
“Spout Finance raised $2M...tokenized equity lending platform on Solana”
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