The Financial Services Agency (FSA) of Japan has given its official backing to a pilot program involving major banks for the issuance of yen-pegged stablecoins. This initiative, set to commence in November 2025, aims to streamline corporate payments and boost financial efficiency through blockchain technology. The participating banks – MUFG Bank, Sumitomo Mitsui Banking Corp., and Mizuho Bank – bring significant expertise to this project. Mitsubishi Corporation will be the first adopter, utilizing these stablecoins for cross-border payments. This move signifies a major step forward in Japan’s embrace of cryptocurrencies, with the FSA providing support through its newly established fintech program for legal guidance and international trends understanding.