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#Japan's Top Banks Launch #Stablecoin Pilot With FSA Backing
Japan's Financial Services Agency announced Friday its support for a #stablecoin pilot program involving the country's three major banking institutions. Mizuho Bank, MUFG, and SMBC will jointly issue a stablecoin for payments under regulatory supervision.
The consortium also includes Mitsubishi Corporation, Progmat Inc., and Mitsubishi UFJ Trust and Banking Corporation. The FSA stated the experiment aims to examine how multiple banking groups can jointly issue stablecoins classified as electronic payment instruments under Japanese law.
The project will verify whether such systems can operate lawfully and appropriately in accordance with existing financial regulations. Regulatory compliance and proper operational practices remain central focuses throughout the pilot phase.
The initiative will launch under the FSA's newly established Payment Innovation Project, a specialized program introduced Friday to accelerate blockchain-based payment innovations. PIP operates within the agency's existing FinTech Proof-of-Concept Hub, which has supported fintech experiments since 2017.
