Japan’s Big Banks Launch Stablecoin Pilot with FSA Backing

Leading Japanese banks, Mizuho, MUFG, and SMBC have partnered with the Financial Services Agency (FSA) to launch a pilot program for yen-backed stablecoins. The project is slated to begin in November 2025 and will focus on streamlining cross-border payments using digital assets backed by Japan’s currency. Mizuho Bank will use its Progmat platform to ensure regulatory compliance and technical standards during the testing phase.