Friday Nov 7 2025 10:40
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Japan's Financial Services Agency (FSA) has endorsed a collaborative initiative by the nation's largest financial powerhouses to jointly issue stablecoins pegged to the Japanese yen. The FSA's announcement on Friday detailed the launch of its “Payment Innovation Project,” a direct response to advancements in “the application of blockchain technology to streamline payments.” The project brings together prominent players in the Japanese financial sector, including Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi Corporation and its affiliated financial entity, and Progmat, the stablecoin issuance platform developed by MUFG. This announcement builds on prior reports indicating the aforementioned companies' intent to modernize corporate settlement processes and diminish transaction expenses via a yen-denominated stablecoin project leveraging MUFG’s Progmat platform. These institutions collectively serve over 300,000 corporate clients. The regulator clarified that the issuance of these payment stablecoins is slated to commence this month. This endeavor is designed to improve user experience, bolster productivity among Japanese corporations, and foster innovation within the domestic financial ecosystem. Participating firms are expected to prioritize user protection and ensure transparency regarding the systems employed. The FSA stated, “Upon conclusion of the pilot project, the agency anticipates publishing its findings and conclusions.” This announcement follows the recent debut of JPYC, a Tokyo-based fintech firm, which launched Japan’s first yen-backed stablecoin and a dedicated platform. Noriyoshi Okabe, president of JPYC, noted that seven companies are already planning to integrate the new stablecoin into their operations.
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