Minna Bank, Japan's first digital bank, has initiated a joint study with Fireblocks and Solana Japan aimed at integrating stablecoins and Web3 wallets into everyday transactions.
Minna Bank's Research
According to a post from July 4, Minna Bank is working with Fireblocks and Japanese tech firm TIS to assess the viability of stablecoins in everyday financial services. The bank plans to conduct tests on the feasibility of issuing stablecoins on the Solana platform, as well as evaluate how Web3 wallets can facilitate user-friendly financial experiences.
Status of Stablecoins in Japan
Japan's banking sector is placing greater emphasis on corporate finance and international trade, as noted by Fireblocks’ Chief Strategy Officer Stephen Richardson. He emphasized that Japan has significant trade activity, and stablecoins could streamline processes that are usually hampered by traditional banking systems.
Global Trends in Stablecoin Usage
Globally, stablecoins are gaining traction as governments and financial institutions explore their applications in payments and trade. In Europe, 75% of crypto payments involve stablecoins, while other countries, like South Korea and the United States, are seeing growth in stablecoin initiatives.
Minna Bank's efforts in the stablecoin sector reflect a growing interest in crypto assets within Japan. It is expected that this area will develop further in the coming years, potentially simplifying trade and enhancing the efficiency of financial services.
