Japan’s Top Banks to Pilot Yen-Backed Stablecoin Under FSA’s Payment Innovation Project

TLDR: Japan’s FSA backs the first multi-bank yen stablecoin pilot under the Payment Innovation Project. MUFG, SMBC, and Mizuho will jointly issue a regulated yen-backed digital asset starting November 2025. The project includes Progmat and Mitsubishi Corporation to manage issuance and trust functions. The pilot aims to verify legal compliance for stablecoins across Japan’s top [...]

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