Japan’s Financial Services Agency backs a PIP stablecoin experiment with multiple banks.
Japan’s Financial Services Agency (FSA) announces support for the Payment Innovation Project (PIP) stablecoin experiment beginning November 2025 in Japan, involving Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi Corporation, Mitsubishi UFJ Trust and Progmat, Inc.; the FinTech Proof-of-Concept Hub launched PIP on Nov. 7, 2025. The experiment tests joint issuance of so-called stablecoins (electronic means of payment) to verify lawful and appropriate regulatory and operational responses.
The FSA will publish experiment results and conclusions on its website after completion, covering compliance, supervisory responses and legal-interpretation issues for consumer-facing services, and notes the project met criteria for clarity, social benefit, innovation, user protection and feasibility. Availability and next steps depend on experimental outcomes and any jurisdictional approvals or EU/other cross-border considerations where relevant.
🧭 FAQs
• Who are the applicants in Japan for the PIP experiment? Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking, Mitsubishi Corporation, Mitsubishi UFJ Trust, and Progmat, Inc.
• When does the PIP stablecoin experiment start in Japan? The experiment begins in November 2025 and runs for the foreseeable future.
• What will the FSA publish after the experiment in Japan? The FSA will publish experiment results, compliance issues, and legal-interpretation points on its website.
• Why did the FSA approve support for this PIP in Japan? The project met criteria for clarity, social significance, innovation, user protection, and feasibility.
