The Japan Financial Services Agency (FSA) officially announced support on Friday for a stablecoin pilot project led by the three major banks—Mizuho Bank, MUFG (Mitsubishi UFJ Financial Group), and SMBC (Sumitomo Mitsui Banking Corporation). The experiment aims to explore how multiple banking groups can jointly issue stablecoins that meet Japan's legal definition of "electronic payment tools," and to accelerate the modernization of domestic payment systems while ensuring regulatory compliance. This pilot is the first official project under the FSA's "Payment Innovation Project" (PIP) and is scheduled to continue from November 2025, marking a significant step forward for Japan in blockchain payment innovation.

Japan's Financial Services Agency (FSA) officially announced support for a stablecoin pilot project involving the country's three major banks, marking a significant step forward in Japan's payment innovation. The trial brings together Mizuho Bank, Mitsubishi UFJ Financial Group (MUFG), and Sumitomo Mitsui Banking Corporation (SMBC), aiming to jointly issue a stablecoin for payments through collaborative efforts. The alliance also includes Mitsubishi Corporation, Progmat, and Mitsubishi UFJ Trust and Banking Corporation.

Japan's Financial Services Agency (FSA) supports a pilot project by major banks MUFG, SMBC, and Mizuho to issue yen-backed stablecoins. This aims to test the legal and operational aspects of stablecoin issuance, paving the way for a future digital payment system. The experiment is set to start in November 2025, marking a significant advancement in Japan's integration of blockchain technology into regulated banking.

To promote innovation in financial technology (FinTech) and alleviate concerns in the industry regarding the lack of precedent for empirical experiments, the Japan Financial Services Agency (FSA) established the "FinTech Experimental Center" (FinTech Hub) in 2017. Now, with the acceleration of payment technologies such as Blockchain and stablecoins, the center will be active on November 7, 2025.

The Japanese Financial Services Agency (FSA), together with Japan’s three major banks—Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho—has launched a pilot experiment for a Japanese yen stablecoin, testing a new digital payment model under collaborative banking efforts and strict regulatory oversight. (Background recap: Japan’s first yen stablecoin, JPYC, has gone live! Approved by the FSA, backed by Japanese government bonds, and supporting multi-chain deployment.) (Additional context: With the yen finally showing signs of recovery, hedge funds on Wall Street are heavily buying yen, betting on currency appreciation.) On November 7, the FSA announced the launch of the “Payment Innovation Project” (PIP), approving the three banks to jointly issue a yen stablecoin. This move signifies Japan’s pragmatic approach to fintech competition, emphasizing regulation and collective action to seize opportunities. It also sets a new standard for future cross-border settlements and corporate payments. With a rigorous regulatory framework, this marks the first practical deployment of a stablecoin in Japan. According to Japan’s revised Payment Services Act, the initiative aims to establish a secure and compliant digital currency ecosystem.

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