Finance Minister Katayama Supports Joint Stablecoin Issuance by Three Megabanks

On the 7th, following a cabinet meeting, Finance Minister Satsuki Katayama announced at the beginning of a press conference that the Financial Services Agency has decided to support the pilot project for stablecoin issuance conducted by Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Bank, and Progmat. She also mentioned the launch of the 'Payment Innovation Project (PIP)', which will be in charge of providing support. The first project under PIP's support will be the aforementioned pilot experiment for stablecoin issuance by multiple companies, with assistance provided in terms of legal interpretation and compliance. A stablecoin is a type of cryptocurrency designed to maintain a stable value, typically pegged to a fiat currency...