Japan government to support big banks' project to issue stablecoins, finance minister says

From channelnewsasia.com

Japan's Financial Services Agency has decided to support a project by the country's three largest banks to jointly issue stablecoins, Finance Minister Satsuki Katayama said on Friday. Katayama, who also oversees the FSA, made the comment in a news briefing after a regular cabinet meeting. The banking arms of Japan's three largest financial groups - Mitsubishi UFJ Financial Group , Sumitomo Mitsui Financial Group and Mizuho Financial Group - will jointly issue stablecoins which will be tested for use for cross-border payments, MUFG said in a release on Friday. The FSA will assess whether the service can be carried out ... (full story)