The Japanese Financial Services Agency will support the three major banks in the joint issuance of stablecoins.

[The Japan Financial Services Agency will support the joint issuance of stablecoins by three major banks] According to CoinDesk, the Japan Financial Services Agency announced today that it will support a pilot project for the joint issuance of stablecoins involving Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank. According to the announcement from the Financial Bureau, this empirical experiment will serve as the first support case for the newly established “Payment Innovation Project (PIP)” and aims to promote innovation in the payment sector. In addition to the three major banks, the institutions applying to participate in the project also include: Mitsubishi Corporation (as a business participant), Progmat (providing issuance infrastructure), and Mitsubishi UFJ Trust and Banking Corporation (expected to be responsible for trust functions).