Japanese digital bank Minna is making strides in the world of real-world payments by exploring the use of stablecoins and Web3 wallets. Collaborating with Fireblocks, Solana Japan, and Japanese tech firm TIS, Minna is conducting a joint study to assess the feasibility of integrating stablecoins into everyday financial services.
In a recent post by digital asset infrastructure company Fireblocks, it was revealed that Japan’s first digital bank is taking steps towards crypto adoption in everyday transactions. The bank aims to leverage stablecoins and Web3 wallets to enhance user-friendly financial experiences.
The banking sector in Japan is increasingly focusing on areas such as corporate finance and international trade. Stephen Richardson, Chief Strategy Officer at Fireblocks, highlighted the importance of efficient money movement in trade, emphasizing stablecoins as a potential solution to streamline existing processes that are often limited by traditional banking systems.
Stablecoins are gaining momentum globally as governments and financial institutions explore their use in payments, settlements, and trade. In China, companies like JD.com and Ant Group are pushing for the authorization of offshore yuan-backed stablecoins. Similarly, in Europe, stablecoins are already playing a significant role in crypto payments, with retail and travel sectors leading adoption in countries like Poland, Lithuania, and Germany.
South Korean banks have also ventured into the stablecoin sector through regulated channels, while US lawmakers are working towards finalizing a federal regulatory framework for dollar-backed stablecoins. Japan, which has been ramping up efforts to regulate its cryptocurrency sector, has seen major financial institutions like Sumitomo Mitsui Financial Group developing stablecoin solutions.
Sumitomo Mitsui Financial Group is set to trial a stablecoin in partnership with Avalanche developer Ava Labs, Fireblocks, and TIS. The pilot project is expected to commence in late 2025 or early 2026, with full issuance planned for later that year.
As the world moves towards a more digital and decentralized financial landscape, the exploration of stablecoins and Web3 wallets by Japanese digital bank Minna signifies a significant step towards mainstream adoption of cryptocurrency in everyday financial transactions.