Japan’s Megabanks Team Up to Launch Regulated Stablecoins

Japan’s three largest banks – Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank – are collaborating with the Financial Services Agency (FSA) to launch a regulated stablecoin platform. This initiative aims to foster adoption of yen-denominated stablecoins through standardized APIs and regulatory compliance frameworks. The move signifies Japan’s commitment to incorporating digital currencies into its traditional banking system and aligning with global trends in bank-issued stablecoins.