Japan’s three largest banking groups have received the greenlight from the FSA for a stablecoin issuance and cross-border payments project.

Mitsubishi UFJ, Mizuho, & Sumitomo Mitsui To Jointly Issue Stablecoins

As announced in a press release by MUFG bank, its banking group, along with two other major financial institutions, has just received approval from Japan’s Financial Services Agency (FSA) on a stablecoins proof-of-concept.

According to the press release, the banks’ project will involve joint stablecoin issuance and advanced cross-border payments, with both set to receive support from the FSA. Digital asset platform Progmat, founded by Mitsubishi UFJ, will provide the infrastructure and technological support for the proof-of-concept. “The three banks considering joint issuance

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