{"id":57392,"date":"2025-11-08T04:31:31","date_gmt":"2025-11-08T04:31:31","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=57392"},"modified":"2025-11-08T04:31:31","modified_gmt":"2025-11-08T04:31:31","slug":"japans-megabanks-win-approval-for-joint-stablecoin-project","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=57392","title":{"rendered":"Japan\u2019s Megabanks Win Approval For Joint Stablecoin Project"},"content":{"rendered":"
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Japan\u2019s three largest banking groups have received the greenlight from the FSA for a stablecoin issuance and cross-border payments project.<\/p>\n

Mitsubishi UFJ, Mizuho, & Sumitomo Mitsui To Jointly Issue Stablecoins<\/h2>\n

As announced in a press release<\/a> by MUFG bank, its banking group, along with two other major financial institutions, has just received approval from Japan\u2019s Financial Services Agency (FSA) on a stablecoins<\/a> proof-of-concept.<\/p>\n

According to the press release, the banks\u2019 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. \u201cThe three banks considering joint issuance will define requirements and establish evaluation criteria to build a concrete structure,\u201d said MUFG.<\/p>\n

A stablecoin is a cryptocurrency that has its price pegged to a fiat currency. Currently, the most popular assets of this type are tied to the US dollar (USD). The three big banks are expected to issue a stablecoin backed by the Japanese yen (JPY).<\/p>\n

Last month, Japanese startup JPYC launched the nation\u2019s first yen-based stablecoin, as reported by Bitcoinist<\/a>. The token, called \u201cJPYC,\u201d is backed by domestic deposits and Japanese government bonds. For now, the company is offering 0% fees on issuance and redemption of JPYC to promote adoption.<\/p>\n

MUFG\u2019s press release noted that blockchain-based payments and use of tokenized deposits and stablecoins are being explored both domestically and overseas. So this proof-of-concept from the banks will serve as a testing ground to accumulate practical knowledge related to joint stablecoin issuance.<\/p>\n

Elsewhere in Asia, Hong Kong approved its legislature on these fiat-tied tokens earlier this year, and big names like Standard Chartered in its joint venture are on the waiting list for an issuer license.<\/p>\n

The first batch of approvals was earlier expected to drop next year, but a recent Financial Times report<\/a> has revealed that mainland regulators have urged applicants to pause their plans, due to concerns about the growth of currencies controlled by the private sector.<\/p>\n

Over in Europe, a consortium of big banks has come together to launch a euro stablecoin<\/a> in the second half of 2026. Initially, the consortium included nine European banks, but later a tenth financial institution in the American Citigroup joined the effort.<\/p>\n

The euro-pegged token, which aims to be fully compliant with the European Union\u2019s Markets in Crypto-Assets Regulation (MiCAR), seeks to provide a real alternative to the USD-heavy stablecoin market.<\/p>\n

Bitcoin Price<\/h2>\n

Bitcoin has been facing bearish pressure recently, which has taken its price to the $100,000 level, down over 8% on the weekly timeframe.<\/p>\n

\"Bitcoin<\/p>\n

Earlier in the week, Bitcoin saw a recovery surge above $104,000. This rally interestingly occurred alongside notable stablecoin exchange inflows, as pointed out by an analyst in a CryptoQuant Quicktake post<\/a>. It\u2019s possible that investors made these deposits to convert their stables for BTC and other volatile assets, but considering the latest price trend, the buying pressure didn\u2019t last.<\/p>\n

\"Stablecoins<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Japan\u2019s 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\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-57392","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/57392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57392"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/57392\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}