TOKYO (Reuters) -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 legally and appropriately, it said on Friday.
(Reporting by Makiko Yamazaki; Writing by Leika Kihara; Editing by Chris Reese and Christian Schmollinger)
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