The Financial Services Agency of Japan (FSA) has announced support for a pilot project jointly issued by the three largest banks in the country — MUFG, SMBC, and Mizuho — of a stablecoin backed by the yen. This is the first project under the Payment Innovation Program (PIP), aimed at testing the legality and operational efficiency of stablecoin issuance by multiple banks.
The goal is to create a foundation for the digital payment system of the future, ensuring that the digital yen is managed, monitored, and securely compatible across financial platforms. The experiment is expected to start in November 2025, marking an important step for Japan in integrating blockchain technology into the regulated banking system.
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