Japan's leading banks are gearing up to launch a new stablecoin platform. MUFG, SMBC, and Mizuho, Japan's three megabanks, are set to trial "Project Pax," a cross-border stablecoin transfer system aimed at providing faster and more cost-effective international settlements for enterprises. The project, led by firms Progmat, Datachain, and TOKI, is expected to draw participation from banks worldwide. Project Pax will leverage stablecoins issued through Progmat, a blockchain startup backed by the three megabanks, SBI Holdings, and Japan Exchange Group. The platform will utilize SWIFT's existing API framework, allowing banks to instruct Progmat to settle transactions on crypto rails.