Summary
- Japan's Financial Services Agency announced it will support a joint issuance proof-of-concept experiment for a yen-based stablecoin with major commercial banks including Mitsubishi UFJ Bank.
- The project was selected as the first support case of the 'Payment Innovation Project' to promote payment infrastructure innovation and the use of digital assets.
- The experiment will start in November 2025, and full-scale verification is expected to proceed with a goal of commercialization within the year.
Japan's Financial Services Agency said it will support a joint issuance proof-of-concept experiment for a yen-based stablecoin involving Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank.
According to CoinDesk Japan on the 7th, the FSA selected the joint stablecoin issuance experiment involving the three banks as the first recipient of support under the 'Payment Innovation Project (PIP)'. The project is a newly established framework to promote payment infrastructure innovation and the use of digital assets.
The experiment will also include Mitsubishi Corporation, Progmat, which provides stablecoin issuance infrastructure, and Mitsubishi UFJ Trust and Banking Corporation, which is expected to handle trust functions.
The FSA said, "When multiple bank groups jointly issue a stablecoin, the goal of this experiment is to verify whether service design and compliance and operational procedures can be carried out legally and appropriately."
The proof-of-concept experiment is set to begin in November 2025 and run for a certain period, and full-scale verification is expected to be conducted with a goal of commercialization within the year.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)
