Minna Bank Launches Stablecoin Pilot Using Solana Blockchain

Minna Bank, a digital-only bank in Japan, has initiated a pilot program to test stablecoin payments using the Solana blockchain. This collaboration involves Fireblocks, which will provide secure wallet technology, and TIS, which will integrate blockchain into the bank's existing mobile applications. The pilot aims to explore the use of yen-pegged stablecoins for everyday retail payments, real-world asset (RWA) trading, and embedded Web3 wallets within the bank's mobile banking platform.

The pilot program is a significant step towards broader crypto adoption within Japan's tightly regulated financial market. Minna Bank, launched in 2021, has quickly gained over one million customers, primarily aged between 15 and 39. The bank aims to replace cash with digital tokens that function like money but clear like code, positioning stablecoins as a bridge between traditional yen deposits and on-chain services. This initiative is backed by the bank's parent company, Fukuoka FG, which supports the technological advancements aimed at enhancing customer loyalty through instant and low-fee payments.

Fireblocks will supply the necessary custody and transaction tools, ensuring the secure minting and management of tokens. The platform, which already secures over 30 million digital wallets, will also guide compliance checks and risk controls during the live trials. Solana Japan will provide the blockchain infrastructure, highlighting the network's high throughput and low fees, which are ideal for point-of-sale payments. TIS will integrate these blockchain functionalities into the bank's existing mobile applications, ensuring a seamless user experience.

The pilot program will first validate token issuance under Japan's new stablecoin regulations. Engineers will then test QR code payments at partner merchants, comparing settlement speeds with traditional card networks. Additionally, the group plans to pilot real-world asset trading, allowing investors to purchase tokenized securities using the same stablecoins. Developers will embed Web3 wallets into the bank's mobile app, enabling users to transfer funds between their bank accounts and crypto markets with a single tap. The bank emphasizes the importance of clear fee displays and strong authentication to protect less technically savvy customers.

Stablecoins, which are pegged to the value of the yen, aim to shield shoppers from the price volatility associated with cryptocurrencies, thereby encouraging mainstream adoption. Regulators in Japan are closely monitoring these trials as they draft secondary rules to govern stablecoin usage. If the tests are successful, the partners may scale issuance ahead of the 2025 Osaka Expo, potentially leading other banks to join similar projects to stay competitive. For now, Minna Bank is positioning itself at the forefront of Japan's next leap in digital finance.