FSA supports three megabanks in issuing joint stablecoin project
Crypto Briefing
Japan's FSA endorsed a stablecoin project by three major banks to facilitate cross-border corporate payments.Summary
Japan's Financial Services Agency (FSA) has officially endorsed a joint stablecoin initiative involving the nation's three largest banks: Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group. These megabanks are collaborating to develop a common framework for issuing and transferring stablecoins, primarily intended for accelerating cross-border corporate payments and settlements using blockchain technology. The stablecoins will initially be backed by the Japanese yen, with potential future backing by the US dollar. Mitsubishi Corporation is slated to be the first participant to implement the stablecoin for actual commercial use.
(Source：Crypto Briefing)