The Financial Services Agency (FSA) has given its official backing to a stablecoin pilot project led by the country's three largest banks: Mizuho Bank, MUFG, and SMBC.
The initiative, which will begin in November 2025, will explore the joint issuance of a stablecoin for payments, classified as an "electronic payment instrument" under Japanese law.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
The consortium, which also includes Mitsubishi Corporation and Mitsubishi UFJ Trust and Banking Corporation, will focus on ensuring that the system is fully compliant with financial regulations.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
The FSA has stated the results of the experiment will be made public, marking the first project under its newly launched Payment Innovation Project (PIP).