TechFlow news, November 7 — According to CoinDesk, Japan's Financial Services Agency announced on November 7 its support for a pilot experiment involving the joint issuance of yen-denominated stablecoins by three major banks: MUFG Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank. Approved as the first case under the newly established "Payment Advancement Project (PIP)", the initiative also includes Mitsubishi Corporation, Progmat, and MUFG Trust & Banking Corp. While the Nikkei had reported on this plan on October 17, official confirmation was only provided through this recent announcement. The pilot will begin in November 2025 to verify the compliance and practical operations of stablecoin issuance by a multi-bank consortium, with practical implementation expected within the year.
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