Japan’s Minna Bank teams up with Fireblocks and Solana Japan to explore stablecoins

Japanese digital bank Minna is reportedly exploring the use of stablecoins and Web3 wallets for real-world payments.

According to a July 4 X post from digital asset infrastructure company Fireblocks, the bank is collaborating with Fireblocks, Solana Japan, and Japanese tech firm TIS on a joint study assessing the viability of stablecoins in everyday financial services.

In a statement shared with Decrypt, bank officials have also disclosed plans to run tests around the feasibility of issuing stablecoins via Solana and evaluate how Web3 wallets can support user-friendly financial experiences.

Japan’s banking sector is placing “a bigger and heavier emphasis” on areas like corporate finance and international trade, Fireblocks Chief Strategy Officer Stephen Richardson explained in a separate statement to the publisher.

Richardson said Japan has “a lot of trade,” and that it is made “more effective by the easy and efficient movement of money,” pointing to stablecoins as a potential way to streamline existing processes that are usually limited by traditional banking rails.

All across the globe, stablecoins are gaining traction as governments and financial institutions explore their use in payments, settlements, and trade. 

In China, companies such as JD.com and Ant Group are reportedly lobbying the People’s Bank of China to authorise offshore yuan-backed stablecoins. Both firms have also announced plans to issue Hong Kong dollar-backed stablecoins, in line with the city’s incoming regulatory framework set to take effect on August 1.

Across Europe, stablecoins already play a significant role in crypto payments. A June report from Oobit showed that more than 75% of crypto transactions on its platform involved stablecoins, with retail and travel spending leading adoption in countries like Poland, Lithuania, and Germany.

South Korean banks have also entered the sector, launching stablecoin initiatives through regulated channels, while in the United States, lawmakers have been pushing to finalize a federal regulatory framework as dollar-backed stablecoins continue to dominate global usage.

Japan, which has recently fast-tracked efforts to regulate its cryptocurrency sector, has already seen major financial institutions begin developing stablecoin solutions of their own.

Sumitomo Mitsui Financial Group, the country’s second-largest banking group, is also preparing to trial a stablecoin in partnership with Avalanche developer Ava Labs, alongside Fireblocks and TIS.

According to an April report from Nikkei, SMBC’s pilot is expected to begin in late 2025 or early 2026, with full issuance planned later that year.