Japan's Regulator Backs Joint Stablecoin Project by Major Banks

Japan's Financial Services Agency has officially supported a joint stablecoin project by the country's three megabanks, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group. The project aims to digitize payments and solidify Japan on regulated blockchain-based finance and innovations. The joint stablecoin will connect the yen-pegged coin and megabanks, enabling quicker transactions and settlements across sectors. The pilot will commence in November 2025 and operate under close regulation in Japan.