Japan’s Financial Services Agency (FSA) has given the green light to a pilot program for yen-backed stablecoins, led by three of the country’s biggest banks.
According to the official announcement, the three major banks are Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Financial Group.
The project is part of the FSA’s newly launched Payment Innovation Project (PIP), which operates under the FinTech Demonstration Hub, established in 2017 to support financial innovation and ease concerns around experimental projects. T
he pilot, the first project selected under PIP, will test whether stablecoins can make payments faster and cheaper for businesses and consumers. The banks plan to issue yen-backed coins first and dollar-backed coins possibly later.
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