Overview
- Finance Minister Satsuki Katayama said the Financial Services Agency will support the project and examine whether the service can operate legally and appropriately.
- MUFG stated the banking arms of MUFG, SMBC and Mizuho will jointly issue stablecoins to test cross-border payment use cases for corporate transactions.
- The pilot will run under the FSA’s newly launched Payment Innovation Project beginning in November 2025, with results planned for publication on the agency’s website.
- The stablecoins in the experiment will be treated as electronic payment instruments under Japanese law.
- Mitsubishi Corporation, Progmat Inc., and Mitsubishi UFJ Trust and Banking will participate alongside the three megabanks.