FSA Approves Three Japanese Megabanks' Joint Stablecoin Project

Japan's Financial Services Agency (FSA) has endorsed a joint stablecoin initiative by the country's three largest banks: Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group. The megabanks are developing a shared framework for issuing and transferring stablecoins designed for cross-border transactions, including digital assets backed by the Japanese yen and potentially the US dollar.