Regulator-Backed Pilot Puts Japan’s Big Three Banks on Path to Joint Stablecoin
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Japan’s megabanks are teaming up on a stablecoin. The Financial Services Agency (FSA) has officially endorsed a pilot project where Mizuho, MUFG, and SMBC will jointly issue a stablecoin for payments.
The initiative, launching in November 2025, will test the legal and operational viability of such a system under Japan’s strict financial laws.
As the flagship project of the FSA’s new Payment Innovation Project (PIP), its results will be published, signaling a major push into blockchain-based payment systems.
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