Japan's Financial Services Agency (FSA) has commenced a public consultation to assess which types of bonds can serve as reserves for yen stablecoins. According to NS3.AI, the consultation began on January 27, 2026, and will remain open until February 27, 2026. This initiative seeks to establish clear regulatory standards for stablecoins backed by yen-denominated bonds. The FSA's efforts are part of a broader strategy to ensure stability and transparency in the digital currency market.