Minna Bank, Japan’s first digital-only bank and subsidiary of Fukuoka Financial Group, announced on Thursday it would investigate the use of stablecoins and digital wallets to support daily financial services and payments in the country.
The initiative is part of a collaboration with Fireblocks, Solana Japan and Japanese tech company TIS, aiming to evaluate the practical applications of stable wallets and decentralized wallets in the real world banking industry.
The study examines use cases such as cross-border payments, real-world asset trading and everyday digital payments, according to a shared statement. Decryption.
It also examines the technical feasibility of issuing Stablecoins on the Solana blockchain and evaluates how Web3 wallets can provide a more intuitive financial experience for users.
This move comes as digital assets, with value-controlled in Fiat currency and commodities, have experienced a surge in interest and adoption.
CEX.IO, a London-based Crypto Exchange founded in 2013, founded a recent survey of 2,600 users found that Stablecoins are increasingly used in everyday financial activities. This shows that 69% of respondents used it more frequently than a year ago, and 54% cited lower fees than traditional banks and remittance services.
As Stablecoins collectively grows $250 billion, financial institutions are stepping up their efforts to implement them for purposes ranging from international settlements to tokenized deposits.
Countries like the US are competing to establish stupid laws, but Hong Kong rules are set in Please enable next month. Traditional financial institutions have begun in Korea boot Their own Stablecoin initiative.
Japan is proceeding with lawsuits, and major players like SMBC are also experimenting in this space.
However, Fireblocks Chief Strategy Officer and Banking Officer Stephen Richardson said Japan’s needs are different to those in the US.
“We have a big emphasis on things like businesses and cross-border banks,” he said. Decryption In the interview. “There is a lot of trade in Japan, and trade becomes more effective with the simple and efficient movement of money.”
The enthusiasm comes from the prospect of stubcoin offering cheap alternatives to the current international bank rail, but we still don’t see if this really is.
For countries like China Promotion The stupid and stupidity in international trade supports a policy of derependence as it aims to shift international trade from its current dependence on the US dollar to a settlement of local currency.
Others, such as Airwallex CEO Jack Zhang, have dismissed Stablecoins as yet another crypto trend.
Fireblocks’ Richardson acknowledged the buzz around Stablecoins, but argued that the utility sets it apart from the exaggerated cryptographic products of the past. He compared the development to make money programmable with the creation of a smartphone or LLMS.
He predicted that the most successful Stablecoin applications would not be visible to end users. “You don’t even know that you’re using stubcoins,” he said.
“The key is that all of a sudden there are benefits in terms of how money can be moved, how money is allocated, or how you can interact and program your money. That’s how enthusiasm is born compared to NFTs and the others.”
edit Sebastian Sinclair