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

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)