Japan Regulator Supports Three Major Banks for Stablecoin

Japan's Financial Services Agency Supports

Japan's Financial Services Agency announced that it will provide support for a pilot project aimed at issuing stablecoins by the country's three largest banks: Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Financial Group.

Electronic Payment Tools to be Developed with Stablecoin

The financial regulator noted that this initiative will strengthen cooperation among MUFG, SMBC, and Mizuho, while also highlighting the exploration of stablecoins as electronic payment tools.

Market Value Exceeded 300 Billion Dollars

Stablecoins have seen significant growth over the past two years. As of last month, their market value has exceeded 300 billion dollars.