Japan Supports Major Bank Effort to Launch Yen-Backed Stablecoins

Japan’s Financial Services Agency (FSA) has endorsed a collaboration between major banks, including Mizuho Bank, Mitsubishi UFJ Bank, and Sumitomo Mitsui Banking Corporation, to issue yen-backed stablecoins. This initiative aims to modernize corporate payments and streamline settlement processes. The FSA supports the project as part of its broader effort to regulate Japan’s digital asset ecosystem while fostering innovation.