Japan’s FSA Approves Pilot for Joint Yen-Backed Stablecoin

The Financial Services Agency (FSA) of Japan has approved a groundbreaking pilot project involving the country’s largest banks, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank. This initiative will see these institutions collaborate to issue a yen-backed stablecoin, marking a significant step towards testing the legal and operational framework for multi-bank stablecoin issuance in Japan.