Japan's Financial Services Agency: Will support the joint issuance of stablecoins by the three major banks to promote innovation in the payment sector.

Japan's Financial Services Agency (FSA) announced today that it will support a pilot program for the joint issuance of stablecoins by three major banks: Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank. According to the FSA announcement, this pilot program will be the first supported case under the newly established "Payment Innovation Project (PIP)," aimed at promoting innovation in the payments sector. In addition to the three major banks, other institutions applying to participate in the project include: Mitsubishi Corporation (as a business participant), Progmat (providing issuance infrastructure), and Mitsubishi UFJ Trust Bank (expected to handle trust functions). (Coindesk)