Japanese Bank Explores Stablecoins and Web3 Wallets for Payments

Japan’s digital bank Minna is venturing into the use of stablecoins and Web3 wallets to make everyday payments easier. The bank is working with Fireblocks, Solana, and a tech company called TIS to see how stablecoins can be used in normal financial services.

As per the reports, Minna wants to test stablecoins using the Solana blockchain and check if Web3 wallets can make managing money simpler for people. Stephen Richardson, the chief strategy officer at Fireblocks, said Japan’s banks are putting more effort into corporate finance and international trade.

He further explained that Japan has an extensive trading network, and stablecoins could help move money more quickly and easily than old-fashioned banking methods. Nowadays, stablecoins are gaining more popularity for payments, settling deals, and trading.

In China, companies like JD.com and Ant Group are encouraging the People’s Bank of China to allow the use of yuan-backed stablecoins . The country is also planning to issue stablecoins backed by the Hong Kong-based dollar under new regulations effective from August 1.

In Europe, reports show that more than 75% of crypto transactions on a platform use stablecoins. These are especially popular in Poland, Lithuania, and Germany for things like shopping and travel expenses.

South Korean banks are also going to launch regulated stablecoin projects, while in the U.S., lawmakers are working to make rules to back dollar stablecoins that lead globally.

In Japan, the government is speeding up rules for cryptocurrencies, and big banks like Sumitomo Mitsui Financial Group (SMBC), the country’s second-largest, are working on stablecoins.

Also, according to an April report from Nikkei, SMBC is teaming up with Ava Labs, Fireblocks, and TIS to test a stablecoin. This test will start in late 2025 or early 2026, with a full launch planned later that year.