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Stablecoin Initiative Backed by Japan’s FSA and Major Banks Gains Traction
Stablecoin Initiative Backed by Japan’s FSA and Major Banks Gains Traction
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BTCCSquare news:
Japan's Financial Services Agency (FSA) has launched the 'Payment Innovation Project,' a collaborative effort with major banks to modernize settlements using blockchain technology. The initiative aims to issue yen-backed stablecoins, targeting over 300,000 corporate clients to reduce transaction costs and enhance financial efficiency.
Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Progmat, a stablecoin platform by MUFG, are leading the charge. The FSA emphasizes user protection as pilot stablecoin issuances begin this month, marking a significant step in Japan's digital finance expansion.
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