Around 40 banks in Japan are set to begin a proof-of-concept for mutual digital currency transfers using tokenized deposits on blockchain rails. The initiative is led by GMO Aozora Net Bank, working with ABeam Consulting, a subsidiary of NEC, and fintech firm DCP. The stated goal is to build low-cost settlement infrastructure that can operate instantly on a 24-hour, year-round basis.
The trial is part of a fintech demonstration hub program supported by Japan’s Financial Services Agency. Participants include about 40 institutions, with Resona Bank, Shoko Chukin Bank, and Bank of Yokohama named among them. Some other banks will join as observers rather than full participants.
DCP said it plans to put the service into practical use in fiscal 2027. The trial centers on transfers made with tokenized deposits issued and moved on blockchain infrastructure, as Japanese financial institutions explore new settlement rails.
About 40 Japanese banks will begin a proof-of-concept for mutual digital currency transfers using tokenized deposits on blockchain infrastructure, with the project aimed at building low-cost instant settlement that runs 24 hours a day, year-round.
The initiative is being led by GMO Aozora Net Bank in partnership with ABeam Consulting, a subsidiary of NEC, and fintech company DCP. The transfer mechanism in the trial will use tokenized deposits on-chain.
The project is part of a fintech demonstration hub program supported by Japan’s Financial Services Agency. Participants include around 40 institutions, among them Resona Bank, Shoko Chukin Bank, and Bank of Yokohama. Some banks are also taking part as observers.
DCP plans to put the service into practical use in fiscal 2027.
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