Japan’s top financial watchdog, the Financial Services Agency (FSA), has given its approval to a consortium of the country’s biggest financial institutions to issue yen-backed stablecoins, marking a pivotal step in modernizing Japan’s payment systems, according to cryptoDNES.
In a statement released Friday, the FSA said the initiative – dubbed the “Payment Innovation Project” – aims to leverage blockchain technology to make domestic settlements faster and cheaper. Participants include Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi Corporation, and Progmat, MUFG’s blockchain-based stablecoin platform.
The consortium represents Japan’s largest banking players, serving over 300,000 corporate clients. Beginning this month, they will start issuing payment stablecoins pegged to the yen, designed to streamline business-to-business transactions and improve overall productivity in Japan’s financial ecosystem.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
