Japan’s First Digital Bank Tests Solana Stablecoins with Fireblocks

Minna Bank, Japan's first digital-only bank, launched a joint study with Fireblocks, Solana Japan and TIS on July 4, 2025, to test stablecoin issuance and real-world use on the Solana blockchain. The bank will pilot stablecoin minting and trial decentralized wallets for daily financial services and payments in Japan. 

The pilot will test cross-border remittances, real-world asset trading and routine digital transactions. The bank aims to determine whether stablecoins can provide faster, cheaper alternatives to traditional banking systems.

The study will examine use cases including cross-border payments, real-world asset trading, and day-to-day digital payments,

the bank said in a joint statement.

The research covers two main areas. First, the technical process of creating and managing stablecoins on Solana's network. Second, integrating compliant wallets into Minna Bank's existing infrastructure. The study will also check compliance with Japan's amended Payment Services Act, which recognized stablecoins as electronic payment instruments in mid-2023.

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Japan's three largest banks, MUFG, SMBC and Mizuho, have already tested blockchain-based solutions for cross-border payments. Minna Bank becomes the first Japanese digital-only bank to explore stablecoins.

The pilot comes as financial institutions worldwide examine stablecoins for near-instant settlement and lower transaction costs. Minna Bank's program represents Japan's continued efforts to update its payment systems and expand financial access.

The study's timeline and specific testing phases were not disclosed. Results will help determine whether Minna Bank proceeds with full stablecoin implementation across its services.

Also read: Major U.S. Banks, Including JPMorgan, Discuss Joint Stablecoin Launch — WSJ