Japanese digital bank Minna is reportedly exploring the use of stablecoins and Web3 wallets for real-world payment applications.
According to a July 4 post on X by digital asset infrastructure provider Fireblocks, Minna is working with Fireblocks, Solana Japan, and Japanese tech firm TIS on a joint study to evaluate the potential of stablecoins in everyday financial services.
In a statement to Decrypt, officials from Minna Bank revealed plans to conduct tests on issuing stablecoins using the Solana blockchain, as well as evaluating how Web3 wallets can enhance user-friendly financial experiences.
Fireblocks Chief Strategy Officer Stephen Richardson noted in a separate statement that Japan’s banking sector is increasingly focusing on corporate finance and international trade. He highlighted Japan’s significant involvement in global trade and emphasized that stablecoins could improve the efficiency of cross-border transactions by enabling faster and more seamless money movement—something often constrained by traditional banking systems.
Globally, stablecoins are gaining momentum as governments and financial institutions continue to explore their potential in payments, settlements, and international commerce.
In China, companies like JD.com and Ant Group are reportedly urging the People’s Bank of China to authorize offshore yuan-backed stablecoins. Both firms have also announced intentions to issue Hong Kong dollar-backed stablecoins, aligning with the city’s new regulatory framework set to take effect on August 1.
In Europe, stablecoins have already become a key component of crypto payments. A June report from Oobit revealed that over 75% of crypto transactions on its platform involved stablecoins, with retail and travel spending driving adoption in countries such as Poland, Lithuania, and Germany.
South Korean banks have also joined the movement, launching stablecoin initiatives through regulated channels. Meanwhile, in the United States, lawmakers are pushing to establish a federal regulatory framework, as dollar-backed stablecoins continue to lead global usage.
Japan, which has recently accelerated its cryptocurrency regulation efforts, is seeing major financial institutions roll out stablecoin projects. Sumitomo Mitsui Financial Group, the country’s second-largest banking group, is preparing to pilot a stablecoin in collaboration with Avalanche developer Ava Labs, Fireblocks, and TIS.
According to an April report from Nikkei, SMBC’s trial is expected to begin in late 2025 or early 2026, with full issuance anticipated later that year.
