Japan Financial Services Agency supports three major banks in jointly issuing a yen stablecoin
ChainCatcher News, the Financial Services Agency of Japan has announced its support for a proof-of-concept experiment in which Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank will jointly issue a yen stablecoin.
This project has been approved as the first case under the newly established "Payment Innovation Project (PIP)", with other participants including Mitsubishi Corporation, Progmat, and Mitsubishi UFJ Trust and Banking Corporation. The experiment will begin in November 2025 and aims to verify the compliance and practical operations of jointly issuing stablecoins by multiple banking groups, with practical implementation expected within the year.
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