Japan’s Financial Services Agency (FSA) confirmed today it is backing a joint pilot to test yen-pegged stablecoins developed by Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group. The initiative, shared via an FSA briefing, will begin later this fiscal year under the regulator’s Payment Innovation Program.
The pilot aims to enable interbank transfers, corporate settlements and future on-chain payments using a compliant, blockchain-based yen stablecoin. If successful, it could streamline B2B payments, reduce settlement costs and strengthen Japan’s role in the global digital asset economy. The move follows new legislation that permits banks and licensed trust companies to issue fully collateralized stablecoins seen by analysts as a pro-crypto shift in Japan’s regulatory stance.
The FSA will monitor progress and publish technical and security guidelines before wider rollout. Market observers expect updates on interoperability and potential cross-border pilots in early 2026.
Source: https://www.fsa.go.jp/news/r7/sonota/20251107-2/02.html
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