PANews reported on November 7th, citing Cointelegraph, that Japan's Financial Services Agency (FSA) has approved a joint project by several of the country's largest financial institutions to issue a yen-backed stablecoin. In a statement released Friday, the FSA announced the launch of a "Payment Innovation Project" to address progress in "using blockchain technology to improve payment efficiency." The project involves Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi Corporation and its financial division, as well as Mitsubishi UFJ Bank's stablecoin issuance platform, Progmat. The regulator noted that these companies will begin issuing payment stablecoins starting this month. The project aims to improve user convenience, increase productivity for Japanese companies, and revolutionize the local financial landscape. The FSA plans to release results and conclusions after the pilot project is completed.