Japanese bank joins Fireblocks, Solana to test stablecoin use

Minna Bank, one of Japan’s digital-first banking institutions, has launched a joint initiative with Fireblocks, Solana Japan, and TIS to study the viability of stablecoins and Web3 wallets in everyday finance.

The partnership, revealed in a July 4 X post by Fireblocks, marks another step in Japan’s growing experimentation with blockchain-powered financial infrastructure. The firms aim to assess how stablecoins can enhance traditional banking services and improve customer experience through on-chain payments.

Minna Bank confirmed that testing will include stablecoin issuance trials on the Solana blockchain, with a focus on integrating user-friendly Web3 wallet experiences into the bank’s operations.

Banking meets blockchain for faster trade and finance

According to Stephen Richardson, Chief Strategy Officer at Fireblocks, the initiative responds to a broader industry shift. Japan has a lot of trade, Richardson explained. And that trade becomes more efficient through faster and easier money movement. He suggested that stablecoins could streamline existing payment rails that remain constrained by legacy systems.

While the exact structure of Minna Bank’s trials remains in development, the emphasis is on enabling real-time settlement and global reach, especially for sectors such as corporate finance and international trade, which remain central to Japan’s economic strategy.

Global momentum for stablecoins builds

Japan’s growing interest mirrors similar developments around the world. In China, tech giants JD.com and Ant Group are pushing for approval of offshore yuan-backed stablecoins and plan to issue Hong Kong dollar-backed coins under the city’s incoming crypto framework, set to launch August 1.

Across Europe, a recent report from Oobit found that over 75% of crypto transactions on its platform involve stablecoins, with countries like Poland, Germany, and Lithuania seeing the fastest retail and travel-sector adoption.

South Korean banks have also entered the stablecoin race, launching projects within existing regulatory frameworks. In the United States, lawmakers continue to push for federal regulation as dollar-backed stablecoins remain dominant in global usage.

Japan, meanwhile, has been accelerating its crypto regulatory efforts and encouraging experimentation by traditional institutions. In a parallel development, Sumitomo Mitsui Financial Group (SMBC) Japan’s second-largest banking group has teamed up with Ava Labs, Fireblocks, and TIS to pilot a stablecoin project expected to launch by late 2025 or early 2026, with full issuance to follow.

Minna Bank’s involvement now adds further momentum to Japan’s ambition to modernize its financial system through blockchain-integrated tools, positioning stablecoins as a critical part of the country’s digital finance roadmap.