The Financial Services Agency of Japan supports the three major banks in jointly issuing a yen stablecoin

The Financial Services Agency of Japan announced that it will support a joint issuance of a yen stablecoin by the three major banks: Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank, as part of an empirical experiment.

This project has been approved as the first case of the newly established "Payment Improvement Project (PIP)," with participants including Mitsubishi Corporation, Progmat, and Mitsubishi UFJ Trust and Banking Corporation. The experiment will begin in November 2025, aiming to verify the compliance and practical operations of a joint issuance of stablecoins by multiple banking groups, with the expectation of achieving practical application within the year.