●▪︎ Mina Bank was the first Japanese bank to test stablecoins on the Solana platform.
The digital bank revealed a study in collaboration with Fireblocks, Solana Japan, and TIS, which will examine how the tokenized yen contributes to daily payments. The partners aim to demonstrate the blockchain technology's ability to settle transactions faster than traditional rail systems.
They also plan to test real-world asset trading and Web3 wallet services. This is a significant step toward expanding the use of cryptocurrencies within the heavily regulated Japanese market.
●▪︎ Mina Digital Bank leads the ambition for stablecoins.
Mina Bank was launched in 2021 with a cloud-based platform and a mobile-first design. The bank now has over one million customers, most of whom are between the ages of 15 and 39.
In addition to attracting Generation Z users, the bank aims to replace cash with digital tokens that can be spent like cash and executed as clearly as code. Therefore, executives see stablecoins as the bridge between yen deposits and services on the chain.
The Fukuoka Financial Group (Fukuoka FG) owns the bank and supports its technological direction. Management insists that low-fee instant payments will enhance customer loyalty. As a result, the experimental stablecoin project is a top priority on the bank's growth agenda.
Fireblocks will provide custody and transaction tools that already secure over 30 million digital wallets. CEO Michael Shaulov stated that the platform will help the bank mint and manage tokens without compromising security. Additionally, the company will guide compliance checks and risk controls during live trials.
Solana Japan provides blockchain rails. Its local team has highlighted the high productivity of the network and its low fees, making it suitable for point-of-sale payments.
Additionally, TIS, the system integrator, will connect the components to existing banking applications, ensuring users a seamless wallet experience within familiar screens.
●▪︎ The study targets daily payments, RWA trading, and Web3 wallets.
Engineers will first verify the issuance of tokens according to the new Japanese stablecoin rules.
They will then test QR Code payments at partner merchants, measuring settlement speed against card networks. Along with retail flows, the group plans real-world asset trading experiments, allowing investors to purchase tokenized securities using the same currencies.
Developers will integrate Web3 wallets into the bank's mobile app. Users will be able to transfer funds between bank accounts and cryptocurrency markets with a single click. However, executives emphasize that clear fee presentation and strong authentication will protect less experienced customers in tech transactions.
Stablecoins are pegged to the yen, protecting shoppers from the volatility of cryptocurrency prices that hinder widespread adoption. Regulators hope that tokens will reduce the costs of financial transfers and decrease cash transactions.
As a result, the Financial Services Agency is closely monitoring the experiments while drafting secondary regulations.
If the tests are successful, partners may expand the issuance before the Osaka Expo 2025. Moreover, competing banks may join similar projects to keep up with the evolution. Currently, Mina Bank represents a key center for Japan's upcoming leap in digital finance.