About 40 Japanese Banks Launch Tokenized Deposit Transfer Trial, Aiming for 24/7 Instant Settlement

On August 26, according to Nikkei News, about 40 Japanese banks will launch a proof-of-concept trial for mutual transfers of digital currencies. The project, led by GMO Aozora Net Bank and joined by NEC-affiliated Abeam Consulting and fintech company DCP, will use "tokenized deposits" on the blockchain for transfers, aiming to build a 24/7, low-cost instant settlement infrastructure. The trial is part of the Financial Services Agency's "Fintech Proof-of-Concept Hub" initiative, with participants including Resona Bank, Shoko Chukin Bank, Yokohama Bank, and about 40 other institutions, while some banks will join as observers. DCP plans to put the service into practical use in fiscal 2027.