Japan's Financial Services Agency Backs Stablecoin Experiment by Major Banks

According to BlockBeats, Japan's Financial Services Agency has announced its support for a stablecoin issuance experiment involving Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank. This initiative is part of the newly established Payment Innovation Project (PIP), which aims to foster innovation in the payment sector. In addition to the three major banks, other participants in the project include Mitsubishi Corporation as a business participant, Progmat providing issuance infrastructure, and Mitsubishi UFJ Trust Bank, which is expected to handle trust functions.