Stablecoins have seen two new developments in traditional payments and cross-border bank settlement. According to the source material, Visa Direct's stablecoin function has moved from the pilot phase to commercial deployment, with Inyo Global becoming the first commercial operator. The related service supports payments in more than 180 countries and regions worldwide. Meanwhile, Japanese banks including Mizuho, Mitsubishi UFJ and Sumitomo Mitsui have jointly completed an experiment on joint stablecoin issuance and cross-border payments, validating the feasibility of a multi-bank joint issuance model. This article is a stablecoin feature and focuses only on the above two stablecoin developments. Other news such as macroeconomic data, financing and ETF fund flows is outside the scope of this article.
This feature focuses on these two developments because they come from traditional payment networks and the banking system, respectively, representing two types of application directions for stablecoins in traditional financial infrastructure. The key information is reviewed below in turn.
The first development comes from Visa Direct. According to the source material, Visa Direct's stablecoin function was previously in the pilot phase and has now entered commercial deployment, with Inyo Global becoming the first commercial operator. The service supports payments in more than 180 countries and regions worldwide. Moving from the pilot phase to commercial deployment means the stablecoin function has begun to enter actual business operations and is no longer a proof of concept or small-scale test. According to the source material, traditional payment giants are accelerating their adoption of stablecoins, which has a significant impact on the crypto payments sector. As the first commercial operator, Inyo Global has become the specific operator after this service entered the commercial operation stage. Whether other operators can join later and whether the service coverage will expand further remain to be observed.
The second development comes from the Japanese banking sector. Several banks including Mizuho, Mitsubishi UFJ and Sumitomo Mitsui jointly completed an experiment on joint stablecoin issuance and cross-border payments. The experiment focused on validating the feasibility of a multi-bank joint issuance model. The institutions participating in the experiment are all major large Japanese banks, with clear traditional financial attributes. According to the source material, the experiment validated the feasibility of the multi-bank joint issuance model, marking an important step forward for traditional financial stablecoin applications. The so-called "joint issuance" model refers to multiple banks jointly participating in stablecoin issuance, rather than a single institution issuing independently. After this model was validated, major Japanese banks have a reference experimental basis for stablecoin issuance and cross-border payments. The source material did not further disclose information such as the specific timing of the experiment's completion and the specific division of roles among participating banks.
From Visa Direct's commercialization to the joint experiment by Japan's three major banks, the two developments involve different participants, but both point to the application of stablecoins in traditional financial scenarios. Visa Direct has entered commercial deployment and has its first commercial operator; the Japanese bank experiment has completed feasibility validation and remains in the model validation stage after trial completion. The two are at different stages: the former has entered actual operations, while the latter still needs to be observed to see whether it will move from experiment to broader application. Visa Direct covers more than 180 countries and regions worldwide, reflecting the payment network's acceptance of stablecoins as a payment tool; the joint experiment by several major Japanese banks reflects the banking system's exploration of stablecoin issuance models. Although both developments involve stablecoins, they belong to two different implementation paths. Visa Direct focuses on integrating stablecoins into an existing payment service network and already has a commercial operator; the Japanese bank experiment focuses on validating the feasibility of multi-bank joint issuance and cross-border payments and is currently still in the post-trial validation stage. Together, the two paths indicate that the use of stablecoins in traditional financial scenarios is moving from concept to practical operation. For the crypto payments sector, these developments provide real-world cases of traditional financial institutions participating in stablecoin applications and may also offer reference for other payment institutions and banks.
The simultaneous emergence of these two implementation paths for stablecoins does not change the current information itself: Visa Direct's stablecoin function commercial deployment has already occurred, and the joint experiment by Japan's three major banks has already been completed. Going forward, attention can be paid to the actual coverage and changes in the operator system after Visa Direct's stablecoin service enters commercial operation, as well as how Inyo Global, as the first operator, advances related payment services; at the same time, after the three major Japanese banks complete the experiment, whether the multi-bank joint issuance model will expand to more banks or more cross-border payment scenarios is also worth continued observation. The pace of stablecoin implementation in payment networks and the banking system will continue to provide observation clues for the infrastructure evolution of the crypto payments sector.
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