Japan Approves Yen-Backed Stablecoins 🇯🇵

[nihalsari]

Japan’s Financial Services Agency (FSA) has endorsed a collaborative project by the country’s largest banks to issue yen-backed stablecoins.

Participants include Mizuho, Mitsubishi UFJ, Sumitomo Mitsui, Mitsubishi Corporation, and Progmat (MUFG’s stablecoin platform).

The goal: modernize corporate settlements, reduce transaction costs, and enhance productivity for over 300,000 corporate clients.

The FSA will publish results after the pilot concludes.

This marks a major push toward blockchain-enabled payments in Japan.

[Nahid Hossen]

A yen-backed stablecoin could strengthen Japan’s digital economy while reducing dollar dependence.

[EmTeam]

This move puts Japan ahead in Asia’s stablecoin race — big implications for cross-border trade.

[The_Walking_Dead]

Japan’s banking giants moving in sync — a milestone for real-world stablecoin utility.

[Capybara_Capybara]

This could redefine Asia’s corporate settlement systems — Japan is playing long-term.

[Swipe]

Interbank collaboration at this scale means stablecoins are entering the regulated mainstream.

[Revenant]

Japan just made stablecoins look... stable.