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🇯🇵 Regulation Watch: Japan Japan’s FSA backs a joint stablecoin project from MUFG, SMFG, and Mizuho. • Yen-backed coin (1:1) tested for cross-border payments • Built on MUFG’s Progmat platform • Early use: exporters and corporate clients • FSA approval pending Japan’s new rules let banks issue fiat-backed stablecoins. JPYC already issued the first yen-pegged coin. SBI & Ripple plan RLUSD launch in 2026.

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