Japan’s FSA approves yen-backed stablecoin project involving major financial institutions like Mizuho Bank, Mitsubishi UFJ Bank, and Sumitomo Mitsui Banking Corporation. The initiative aims to modernize corporate settlements and reduce transaction costs for over 300,000 corporate clients.

The project involves the issuance of payment stablecoins to enhance user convenience and Japanese corporate productivity. The FSA plans to publish the results and conclusions after the pilot project is completed. Tokyo-based fintech firm JPYC also recently launched a Japan-first yen-backed stablecoin.

Japanese regulators are actively setting new rules for the cryptocurrency industry, leading Bybit to pause new user registrations in the country. The FSA is considering allowing banks to acquire and hold cryptocurrencies like Bitcoin for investment purposes. Additionally, regulations are being developed to ban and penalize crypto insider trading.

Read more at Cointelegraph: Japan’s FSA Backs Major Banks’ Joint Yen Stablecoin Rollout