Japan’s Minna Bank Partners with Fireblocks and Solana to Explore Stablecoin Payments

Minna Bank Joins Forces with Fireblocks and Solana Japan in Stablecoin Pilot

Japan’s digital-first Minna Bank is stepping into the world of Web3 finance, partnering with Fireblocks, Solana Japan, and Japanese tech firm TIS to explore how stablecoins could reshape everyday banking. The collaboration aims to evaluate the use of stablecoins and Web3 wallets for real-world payments, according to a July 4 announcement from Fireblocks.

The joint study will test the feasibility of issuing stablecoins on Solana’s blockchain and assess how Web3 wallets might deliver more intuitive, seamless financial experiences for consumers.

In a statement shared with Decrypt, Minna Bank said it’s particularly focused on how stablecoins could improve the way people and businesses move money — a theme gaining traction worldwide as financial institutions seek faster, more flexible alternatives to traditional banking rails.

Japan’s Minna Bank Explores Stablecoins on Solana in Fireblocks-Led Study - Decrypt

The study will examine whether stablecoins are suitable for modernizing payments and cross-border finance in Japan.

DecryptCallan Quinn

Stablecoins: From Concept to Utility in Global Finance

Minna’s project is part of a broader shift happening across Asia and beyond, as stablecoins become central to conversations around digital finance, cross-border payments, and trade.

“Japan has a lot of trade, and it’s made more effective by the easy and efficient movement of money,” said Stephen Richardson, Chief Strategy Officer at Fireblocks.

He pointed to stablecoins as a key enabler for streamlining these flows, especially in areas like corporate finance and international trade where speed and cost-efficiency are crucial.

Japan is far from alone in this pursuit. In China, giants like JD.com and Ant Group are pushing for government approval to launch offshore yuan-backed stablecoins, and are also preparing to issue Hong Kong dollar-backed tokens under new regulations coming into effect August 1.

Across Europe, stablecoins have quietly become the backbone of crypto payments. A June report from Oobit revealed that over 75% of crypto transactions on its platform involved stablecoins, with strong adoption in countries like Germany, Poland, and Lithuania, particularly in retail and travel spending.

Meanwhile, South Korean banks have begun rolling out stablecoin products through regulated financial channels, and in the United States, lawmakers continue to push forward with federal regulations as dollar-pegged stablecoins dominate the global landscape.

Japan’s Growing Stablecoin Momentum

Japan has already taken steps to formalize crypto regulations, creating a more stable environment for banks and startups exploring blockchain-based solutions. Alongside Minna Bank, the country’s second-largest banking group, Sumitomo Mitsui Financial Group (SMFG), is also preparing to trial a stablecoin in collaboration with Ava Labs, Fireblocks, and TIS. That pilot is expected to launch between late 2025 and early 2026, with broader issuance planned for later that year, according to an April report from Nikkei.

This growing interest among Japan’s established banks suggests stablecoins are moving beyond theoretical use cases and into serious product development pipelines.