Japan’s Financial Services Agency Supports Pilot Program of Bank-Issued Stablecoins

The Financial Services Agency (FSA) of Japan has provided official support to a joint pilot program involving three major Japanese banks: Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group. This initiative aims to explore the use of stablecoins for digital payments within the country. By merging their expertise and resources, these megabanks will establish a unified platform to test bank-issued stablecoins in a controlled environment.