Table of Contents
Researcher
\[ASA News] is a bi-weekly newsletter where we share the most important news related to stablecoin in Asia. (2026.02.17~03.01)*
Written by Moyed
1. [News] Nomura and Daiwa Join Three Megabanks for Blockchain-Based Securities Settlement Trials
Source: Japan's Nomura, Daiwa team with top banks on stablecoin-based trading
Nomura Holdings and Daiwa Securities Group are partnering with Japan's three megabanks, MUFG, SMFG, and Mizuho, to build a stablecoin-based securities trading framework. The consortium aims to convert stocks, government bonds, corporate bonds, investment trusts, ETFs, and MMFs into digital securities on the blockchain, enabling instant settlement and rights transfer via stablecoins when buy orders are placed. Trials using a yen-pegged stablecoin jointly issued by the three megabanks are expected to begin as early as this month following regulatory notification, with commercial launch targeted within the next few years.
Japan's current securities settlement operates on a T+2 cycle. While the U.S. transitioned to T+1 in 2024, Japan remains divided on the issue due to the additional burden on brokerages caused by time zone differences with overseas markets. If blockchain-based 24/7 real-time settlement becomes a reality, investors both inside and outside Japan could trade regardless of time zones, potentially boosting capital inflows into Japanese markets.
The megabank yen stablecoin will initially be used for internal transactions at Mitsubishi Corp., while Resona Holdings and JCB plan to enable retail payment applications by fiscal year 2027. Meanwhile, Robinhood has already launched blockchain-based "stock token" trading in Europe, fueling concerns among Japanese financial institutions that falling behind in tokenized financial product competition could weaken their ability to attract foreign investors.
2. [Commentary] Japan's 'Full-Stack On-Chain Finance': From Payments to Capital Markets
2.1 Moyed (ASA Contributor, Delta Network)
This consortium signals that Japan's crypto market discourse is shifting from 'stablecoin issuance' to 'stablecoin utilization.' The megabanks' yen stablecoin, SBI-Startale's tokenized securities chain Strium, SMBC's My Number Card-based JPYC retail payment trials, and Sony Bank's dollar stablecoin issuance plans—experiments that had been progressing independently—are now converging around the core use case of securities settlement. A vertical integration structure spanning payment instruments, trading infrastructure, and investment products is taking shape across Japan's entire financial system.
What stands out is that this is a joint initiative between securities firms and banks. Globally, tokenized securities trading is largely driven by exchanges or fintech companies, but in Japan, securities firms (Nomura, Daiwa) and banks (the three megabanks) are moving together from the start. This is partly the product of Japan's regulatory environment, which established a stablecoin issuance framework through the 2023 revised Payment Services Act. Because the issuing entity (banks), distribution channel (securities firms), and settlement instrument (yen stablecoin) are institutionally aligned, such comprehensive collaboration is possible.
The contrast with South Korea is stark. Korea is still mired in a tug-of-war between banks and tech companies over who gets to issue won-backed stablecoins, and the detailed provisions of the Digital Asset Basic Act remain under development. While Japan is simultaneously piloting across issuance, distribution, and utilization, Korea's discourse remains focused on 'who gets to issue.' If Japan's trials proceed successfully, they are likely to become the benchmark for on-chain transformation across Asian capital markets.
