The Japanese Financial Services Agency will support the joint issuance of a stablecoin by three major banks

BlockBeats News, November 7, according to CoinDesk, the Japanese Financial Services Agency announced today that it will support a stablecoin joint issuance proof-of-concept experiment involving three major banks: Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank.

According to the Financial Services Agency's announcement, this proof-of-concept experiment will serve as the first supporting case of the newly established "Payment Heightsization Project (PIP)," aimed at promoting innovation in the payment field.

Institutions applying to participate in this project include not only the three major banks but also Mitsubishi Corporation (as a business participant company), Progmat (providing issuance infrastructure), and Mitsubishi UFJ Trust and Banking Corporation (expected to be responsible for the trust function).