The Japanese Minna Bank is investigating Stablecoins on Solana in study by Fireblocks

Minna Bank, the first digital bank of Japan and a subsidiary of Fukuoka Financial Group, announced on Thursday that it is investigating the use of stablecoins and digital portfolios to support daily financial services and payments in the country.

The initiative is part of a joint study in collaboration with Fireblocks, Solana Japan and Japanese technology company TIS, with the aim of assessing the practical applications of Stablecoins and decentralized portfolios in Real-World Banking.

The study will investigate use cases, including cross-border payments, Real-World assets trade and daily digital payments, according to a statement shared with Decrypt.

It will also investigate the technical feasibility of issuing stablecoins on the Solana blockchain and evaluate how Web3 wallets can offer more intuitive financial experiences for users.

The move comes as digital assets whose values ​​are linked to Fiat currencies and raw materials experience an increase in interest and adoption.

CEX.IO, a crypto grant established in London in 2013, said that a recent study among 2,600 users has established that Stablecoins are increasingly being used for daily financial activities, in which 69% of the respondents used them more than a year ago and 54% lower reimbursements made them than traditional banks or money transfer.

With Stablecoins collective at the top of $ 250 billion, financial institutions make the efforts to implement them for purposes, ranging from international settlements to tokenized deposits.

Countries such as the US racing to determine the Stablecoin legislation, while the rules of Hong Kong have been established come into effect Next month. Traditional financial institutions have started in South Korea launch Their own stablecoin initiatives.

Japan follows the example, with major players such as SMBC experimenting in space.

Stephen Richardson, Chief Strategy Officer and Head of Banking at Fireblocks, said that the needs of Japan differ from those in the US

“There is a greater and heavier emphasis on things like business and transnational banking,” he said Decrypt in an interview. “Japan has a lot of trade and trade is made more effective through the easy and efficient movement of money.”

Enthusiasm has emerged from the prospect of Stablecoins that offer a cheaper alternative to current international bank rails, although whether this will really be the case, can still be seen.

For countries such as China, the promotion Van Stablecoins in International Trade supports their dollarization policy, because they strive to move international trade from its current dependence on the US dollar to settlements in local currencies.

Others, such as Airwallex CEO Jack Zhang, have rejected Stablecoins as another crypto -rage.

Richardson from Fireblocks recognized the buzz around Stablecoins, but argued that their usefulness distinguishes them from previous hyped-up crypto products. He compared developments in programming money for making smartphones or LLMS.

He predicted that the most successful Stablecoin applications would become invisible to the end user. “You won’t even know that you are using a stablecoin,” he said.

“The point is that you will suddenly see an advantage in the way you move money or how to allocate money, or how you can communicate and program money. That is where enthusiasm comes from compared to NFTs or other things.”

Edited by Sebastian Sinclair