According to Reuters, Japan's ruling Liberal Democratic Party (LDP)'s subordinate blockchain promotion committee submitted a proposal to the government stating that a regulatory framework must be established to encourage the use of yen-based stablecoins and allow the trading of cryptocurrency exchange-traded funds (ETFs).

Through the proposal, the committee stated, "The annual meeting of the Asian Development Bank (ADB), hosted by Japan in May next year, can serve as an opportunity to actively promote yen stablecoins." They added, "Experiments on related technologies are currently underway, mainly led by the Financial Services Agency and major banks."

However, the media also reported on the authorities' concerns. There are still concerns that stablecoins could disrupt the existing traditional financial system. In fact, within the Bank of Japan, there have been voices calling for a multifaceted approach to the global monetary system, extending beyond just stablecoins.