Minna Bank, Japan’s first digital-native bank and a subsidiary of Fukuoka Financial Group, has announced a strategic collaboration with Fireblocks, Solana Japan, and TIS Inc. to explore the practical implementation of stablecoins within its financial ecosystem. The pilot project seeks to test how blockchain-based stablecoins can support real-world payment systems, signaling growing institutional interest in digital assets and public blockchain infrastructure.

Stablecoins Enter the Japanese Banking System

The initiative focuses on issuing stablecoins on the Solana blockchain, known for its high throughput, low latency, and cost-efficient transactions. The pilot will evaluate potential use cases such as everyday retail payments, cross-border money transfers, and digital asset settlements. The project also includes testing Web3 wallet integrations to ensure a smooth and user-friendly experience for consumers and merchants alike.

Fireblocks, a leading crypto custody and infrastructure provider, will deliver the secure wallet technology, transaction orchestration, and compliance tools needed to support stablecoin issuance and management at an institutional level. TIS Inc., a major Japanese IT services firm, will assist with integrating these blockchain solutions into Minna Bank’s existing digital infrastructure.

A Regulatory Green Light

This initiative is made possible by Japan’s progressive stance on digital asset regulation. In June 2023, Japan officially recognized stablecoins under its revised Payment Services Act. The new framework allows licensed institutions such as banks and trust companies to issue stablecoins backed by fiat currency reserves, provided they comply with anti-money laundering (AML), know-your-customer (KYC), and risk management standards.

This regulatory clarity has positioned Japan as one of the most forward-looking jurisdictions in Asia for blockchain-based financial services. The Minna Bank pilot is one of several projects taking advantage of this environment. Earlier this year, Sumitomo Mitsui Financial Group (SMFG) also launched a stablecoin pilot in partnership with Ava Labs and Fireblocks.

Why Solana?

Solana’s blockchain was selected for the pilot due to its strong performance metrics—achieving thousands of transactions per second with minimal fees, ideal for high-volume, low-value transactions like point-of-sale purchases or peer-to-peer remittances. Solana is also emerging as a preferred network for stablecoin issuers globally, including PayPal’s USD stablecoin (PYUSD), which recently expanded to Solana’s network.

By leveraging Solana, Minna Bank aims to test how these technologies can reduce costs, speed up transaction settlement, and provide an improved experience for users without sacrificing regulatory oversight or security.

Institutional Implications

Minna Bank’s study represents a key milestone in bridging traditional banking with decentralized finance (DeFi) technologies. While the stablecoin space has largely been dominated by private sector companies and crypto-native firms, Minna’s involvement demonstrates how regulated financial institutions are beginning to explore and potentially adopt public blockchain networks.

According to Fireblocks, nearly half of surveyed financial institutions globally are now exploring stablecoin-based solutions for faster settlement and liquidity optimization. As competition grows among global banks to modernize their payment rails, Japan's early experimentation may offer a blueprint for compliant, blockchain-based finance in other regulated markets.

What’s Next?

The Minna Bank pilot is expected to run through the end of 2025, with multiple phases testing various use cases and technologies. Initial reports will assess the operational and regulatory feasibility of launching a fully regulated, blockchain-based stablecoin in Japan.

If successful, Minna Bank could emerge as a pioneer in the integration of stablecoins into consumer finance, while further validating Solana’s role as a trusted infrastructure layer for real-world payments.

As Japan continues to advance its digital finance agenda, initiatives like this signal that the future of money in the country could very well be on-chain.