Minna Bank, a Japanese financial institution, investigates the potential of stablecoins on the Solana blockchain in a project led by Fireblocks.
Minna Bank, a digital-only bank in Japan and a subsidiary of Fukuoka Financial Group, is venturing into the realm of stablecoins and digital wallets for everyday financial services and payments. This exploration is part of a joint study with Fireblocks, Solana Japan, and Japanese tech firm TIS, aiming to assess the practical applications of stablecoins and decentralized wallets in real-world banking.
The initiative is testing stablecoins and Web3 wallets in scenarios such as cross-border payments, asset trading, and daily transactions. The goal is to provide users with seamless, secure, and efficient alternatives to traditional banking rails, which are often slow and costly.
Richardson, Chief Strategy Officer and head of banking at Fireblocks, predicts that the most successful stablecoin applications will become invisible to the end user, and users won't even know they're utilizing a stablecoin. He compares the enthusiasm for stablecoins to that of NFTs or other things, implying a higher level of interest and potential in stablecoins compared to other cryptocurrencies.
Stablecoins, digital assets whose values are pegged to fiat currencies and commodities, are experiencing a surge in interest and adoption. A recent survey by CEX.IO found that 69% of respondents are using stablecoins more frequently than a year ago, and 54% cite lower fees than traditional banks or money transfer services as the primary reason.
For countries like China, the promotion of stablecoins in international trade supports their policies of de-dollarization, aiming to shift international trade from the U.S. dollar to local currencies. Collectively, stablecoins top $250 billion in value, making them a significant contender in the financial landscape.
However, Airwallex CEO Jack Zhang has dismissed stablecoins as a crypto fad. Despite this, the joint study between Minna Bank, Fireblocks, Solana Japan, and TIS is actively underway and represents a significant step toward integrating stablecoins and Web3 wallets into Japan’s banking sector.
The project aims to assess how Web3 wallets can offer simpler, more user-friendly financial services, potentially enhancing accessibility and convenience for both retail and business customers. By leveraging Fireblocks’ digital asset custody and transfer capabilities, Solana’s blockchain speed and scalability, and TIS’s expertise in integrating new technologies into existing financial frameworks, the group is exploring the technical and regulatory challenges involved in deploying stablecoins at scale.
The emphasis in the use of stablecoins by Minna Bank, according to Stephen Richardson, is on corporate and transnational banking. Financial institutions worldwide are ramping up efforts to implement stablecoins for purposes ranging from international settlements to tokenized deposits. As of July 4, 2025, the joint study is in the testing and evaluation phase, with the outcomes expected to contribute to broader adoption of blockchain-based financial services and reinforce Japan’s competitiveness in the global digital economy.
[1] Minna Bank Press Release, 2025 [2] Fireblocks Blog Post, 2025 [3] Solana Japan Whitepaper, 2025 [5] TIS Annual Report, 2025
- Minna Bank's foray into stablecoins and digital wallets includes testing their usage in scenarios like cross-border payments, asset trading, and daily transactions.
- The goal of this initiative is to provide users with more efficient alternatives to traditional banking, offering seamless and secure services.
- Richardson of Fireblocks predicts that the most successful stablecoin applications will become invisible to the end user, with users unaware they are utilizing stablecoins.
- Stablecoins, digital assets pegged to fiat currencies and commodities, are experiencing a surge in interest and adoption, with 69% of respondents using them more frequently than a year ago.
- For countries like China, the promotion of stablecoins in international trade supports policies of de-dollarization, aiming to shift international trade from the U.S. dollar to local currencies.
- The project between Minna Bank, Fireblocks, Solana Japan, and TIS is exploring the technical and regulatory challenges involved in deploying stablecoins at scale, with a focus on Web3 wallets offering simpler, user-friendly financial services.
- As of July 4, 2025, the joint study is in the testing and evaluation phase, with the outcomes expected to contribute to broader adoption of blockchain-based financial services and reinforce Japan’s competitiveness in the global digital economy.
