Why Japan’s Stablecoin Push May Be the Most Practical Crypto Story in the World Right Now
By Jamie Redman
Japan's major financial institutions, including MUFG, SMBC, and Mizuho, are using stablecoins via Project Pax to dismantle the correspondent banking system, with infrastructure already live. The Payment Services Act, revised in June 2023 and updated through 2026, imposes the world's strictest regulations on stablecoin issuers. The initiative targets 1 trillion yen in B2B stablecoin transactions.
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