The Japanese Financial Services Agency (FSA) said it will support the country’s three largest banks in developing a proof-of-concept for issuing a stablecoin.
Japan’s financial regulator said the venture will see Mitsubishi UFJ Financial Group (8306), Sumitomo Mitsui Financial Group (8316) and Mizuho Financial Group (8411) explore the joint issuance of a stablecoin as an electronic payment instrument.
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The experiment will commence this month and will run for the foreseeable future, according to an FSA announcement on Friday.
Stablecoins — digital tokens pegged to the value of a traditional financial (TradiFi) asset such as a fiat currency — have experienced considerable growth over the last two years, surpassing $300 billion on market cap last month.
This trend has also borne
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