Japan’s Major Banks Join Forces to Launch Stablecoin with Regulatory Backing

Japan’s three largest banks, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group, have partnered with the country’s Financial Services Agency (FSA) to develop a stablecoin project. The initiative, announced on November 7th after cabinet meetings, marks a significant shift in Japan’s approach to digital payments, as it seeks to transition away from its reliance on cash and traditional credit cards for everyday transactions. 💰