Japan’s Banking Giants Unite for Government-Backed Stablecoin Project
Japan’s Financial Services Agency has thrown its weight behind a landmark stablecoin pilot, enlisting the country’s three largest banks—Mizuho, MUFG, and SMBC—to test cross-border payments using jointly issued digital tokens. The initiative, set to launch in November 2025 under the FSA’s Payment Innovation Project, marks a decisive step toward institutional crypto adoption.
Finance Minister Satsuki Katayama emphasized the pilot’s dual focus: assessing compliance with Japan’s strict electronic payment instruments law and refining operational frameworks. Mitsubishi Corporation and Progmat Inc. join the consortium, signaling broad industry alignment. Results will be published transparently on the FSA website—a nod to regulators’ growing comfort with blockchain experimentation.
