According to CoinMeta, the Financial Services Agency of Japan (FSA) has approved its fourth stablecoin pilot project, aimed at allowing cross-border trade to use stablecoins for settlement and bringing trade financing under regulatory oversight. This pilot has attracted some participants from earlier projects, including Japan's three major banks. The announcement from FSA also mentioned four lending institutions, as well as trade platform operators Tradewaltz and NTT. The goal of this pilot is that, if fully deployed, it will enable exporters to receive payments more quickly and allow banks to automate payment instructions and confirmation of receipts. The latest pilot project focuses on the use of Tradewaltz, a platform that connects international trade documents with the stablecoin system for payment of export financing. Currently, this system still relies on physical documents such as letters of credit and bills of lading; Tradewaltz describes this process as being slow and involving manual reconciliation and mailing.