Table of Contents
- 1. Japan’s Major Banks Launch Joint Stablecoin to Drive Digital Payment Innovation
- 1.1 MUFG, Mizuho, and Sumitomo to Issue Yen-Based Digital Settlement Token
- 1.2 Commentary
- 2. Ripple Acquires GTreasury for $1 Billion to Enter Corporate Treasury Market
- 2.1 Combining Digital Assets with Traditional Finance: Reshaping Enterprise Payment Infrastructure
- 2.2 Commentary
- 3. Shinhan Bank and Lotte Members Begin PoC for KRW Stablecoin Payments
- 3.1 Integrating Stablecoin Framework into L.POINT Network to Test Efficiency and Stability
- 3.2 Commentary
- 4. Other News
- 4.1 Theme 1. Regulatory and Assessment Framework Evolution
- 4.2 Theme 2. Expansion of Stablecoins in Commerce and Payments Networks
- 4.3 Theme 3. Local-Currency Stablecoins and Emerging-Market Strategies
*[ASA News] is a bi-weekly newsletter where we share the most important news related to stablecoin in Asia. (2025.10.13~10.26)
Written by Moyed, Heechang
1. Japan’s Major Banks Launch Joint Stablecoin to Drive Digital Payment Innovation
1.1 MUFG, Mizuho, and Sumitomo to Issue Yen-Based Digital Settlement Token
Source: Japan’s top banks jointly issue stablecoin for digital settlements
Japan’s leading commercial banks, Mitsubishi UFJ Financial Group (MUFG), Mizuho Financial Group, and Sumitomo Mitsui Financial Group, have announced a joint initiative to issue a yen-based stablecoin.
The project aims to strengthen Japan’s digital payment and asset-settlement infrastructure and to build a bank-led blockchain financial ecosystem.
The stablecoin will be used across interbank transfers, payments, and securities settlements. Rather than each bank issuing independently, the consortium seeks a unified and interoperable architecture.
The design also aligns with the government’s Digital Yen (DCJPY) initiative and considers future interoperability with a central-bank digital currency (CBDC).
1.2 Commentary
1.2.1 Moyed Eun (ASA Contributor, Delta Network) – Bank-Led Stablecoins as the Archetype of the Asian Model
This consortium by Japan’s major banks represents more than a technical pilot, it’s a strategic move to redefine “trust” and “interoperability” around the banking system itself.
Fungibility across stablecoins has become a central debate, and building compatibility at the bank-consortium level is a very deliberate approach. They could rely on a third-party clearing layer like Ubyx, but the more realistic path is to adopt a common protocol from the design phase.
Historically, Asian economies have evolved on bank-centric rather than market-centric financial structures. It’s natural, then, that the same dynamic extends into stablecoins. This case shows the contrast with the Western, privately-driven models such as USDC or USDT.
The Japanese model is likely to emerge as a “trust-based, institutionally anchored digital-money infrastructure,” a structure with implications for neighboring markets such as Korea.
2. Ripple Acquires GTreasury for $1 Billion to Enter Corporate Treasury Market
2.1 Combining Digital Assets with Traditional Finance: Reshaping Enterprise Payment Infrastructure
Source: Ripple Acquires GTreasury to Boost Enterprise Payment Solutions
Blockchain company Ripple has acquired GTreasury, a 40-year-old corporate cash-management software provider, for about $1 billion, marking its full-scale entry into the corporate treasury space.
GTreasury offers solutions for cash visibility, risk management, FX, and payment operations across global enterprises.
The acquisition reflects growing recognition that traditional treasury systems are slow, costly, and fragmented. By integrating GTreasury’s enterprise client base and infrastructure, Ripple aims to unlock idle capital, enable 24×7 global payments, and incorporate stablecoins and tokenized deposits into enterprise workflows.
2.2 Commentary
2.2.1 Moyed Eun (ASA Contributor, Delta Network) – Corporate Treasury Digitization: Stablecoins Enter the Real World
This move shows that stablecoins and blockchain payment rails have moved beyond experimentation into practical enterprise adoption.
Corporate treasurers have long wanted to escape the limitations of single-bank networks, cut-off times, and currency boundaries. Ripple’s acquisition directly addresses that need.
By replacing fragmented liquidity across multiple accounts and time-zone mismatches with blockchain-based assets, corporates can achieve real-time, global liquidity conversion. Ripple explicitly stated that it seeks to “unlock idle capital” and “enable 24×7 cross-border payments.”
Similarly, Modern Treasury’s acquisition of stablecoin infrastructure startup Beam is notable. Beam builds stablecoin payment rails for corporates and banks, and Modern Treasury’s integration strengthens its payout and cash-management pipelines.
This pattern indicates that stablecoins are becoming mainstream in corporate finance not just in North America and Europe but likely in Asia as well. Firms in Korea and Southeast Asia share the same pain points, multi-currency complexity, global settlement speed, and idle liquidity, making stablecoin-based treasury and payment tools increasingly compelling.
3. Shinhan Bank and Lotte Members Begin PoC for KRW Stablecoin Payments
3.1 Integrating Stablecoin Framework into L.POINT Network to Test Efficiency and Stability
Source: Shinhan Bank and Lotte Members begin PoC for Korean won stablecoin payments
Shinhan Bank and Lotte Members have launched a proof-of-concept (PoC) for Korean-won-based stablecoin payments. Through December 11, selected Lotte affiliated merchants will test payments and deposit management using a stablecoin architecture integrated into the L.POINT system. The goal is to validate both operational efficiency and system stability.
During the pilot, payments will function through L.POINT deductions, while Shinhan Bank manages collateral verification and issuance control. The bank will ensure the stablecoin supply matches real-world KRW deposits and link the verification system on-chain for automatic auditing. Meanwhile, Lotte Members aims to expand its L.POINT payment network into a broader stablecoin infrastructure to strengthen its digital payment ecosystem.
3.2 Commentary
3.2.1 Moyed Eun (ASA Contributor, Delta Network) – L.POINT as the Ideal Testbed for Stablecoin Payments
With 2.6 million daily users, 150 thousand merchants, and over 40 million members, L.POINT is an optimal sandbox for stablecoin payment trials.
Previously, L.POINT circulated only within Lotte’s closed ecosystem, but tokenizing it as a stablecoin could dramatically expand its usability. A stablecoin version of L.POINT could function as a quasi-currency, not just a loyalty point.
If Shinhan Bank can ensure transparent collateral verification and issuance control, L.POINT could become spendable across other Shinhan-connected services and partner networks.
This shift would effectively turn a closed loyalty economy into an open digital-payment ecosystem. Following Shinhan’s earlier pilot with the public delivery app ‘Ttaenggyeoyo,' this PoC marks the first serious attempt in Korea to integrate stablecoins into a bank-anchored payment network at scale.
4. Other News
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4.1 Theme 1. Regulatory and Assessment Framework Evolution
4.1.1 OCC Grants Conditional Preliminary Charter to ‘Erebor,’ Opening Path for Crypto-Friendly Banks
The US Office of the Comptroller of the Currency (OCC) granted a conditional preliminary national bank charter.
Erebor targets clients in stablecoin transactions and digital-asset-backed lending.
A milestone integrating stablecoin and crypto services within federally regulated banking.
4.1.2 S&P Global Partners with Chainlink to Assess Stablecoin Peg Stability On-Chain
Provides on-chain ratings for stablecoins’ ability to maintain peg.
Enables institutions and DeFi users to monitor risk using consistent data.
Expands the intersection between traditional credit ratings and blockchain oracles.
Tests interoperability between tokenized bank liabilities and stablecoins.
Serves as a model for regulated digital-asset settlement.
Accelerates Asia’s discussion on tokenized finance (RWA) standards.
4.2 Theme 2. Expansion of Stablecoins in Commerce and Payments Networks
4.2.1 Stripe Stablecoin Division ‘Bridge’ Applies for National Bank Trust Charter
Aims to internalize issuance, custody, and compliance within a federal bank framework.
Connects fiat payment rails directly with stablecoin infrastructure.
Meets growing enterprise demand for regulated digital payments.
4.2.2 Stripe Signals Stablecoin Support for Subscription Payments
Indicates stablecoin integration into recurring billing (subscription) flows.
Expected to improve cost efficiency and settlement speed for global services.
Likely to expand USDC-based enterprise on-ramps.
4.2.3 Cloudflare Partners with Visa, Mastercard, and Amex to Build Payment Rails for AI Agents
Jointly developing protocols that allow AI systems to initiate payments autonomously.
Combines card-network security with web infrastructure for trusted AI-driven transactions.
Marks the beginning of a “agentic commerce” era requiring new trust and security standards.
4.3 Theme 3. Local-Currency Stablecoins and Emerging-Market Strategies
4.3.1 Crown Raises $8.1 Million for ‘BRLV,’ a Brazilian Real-Pegged Stablecoin
BRLV will be fully collateralized by Brazilian government bonds and other assets.
Targets institutional channels with yield-sharing features suited to high-interest rates.
Tests the viability of non-USD stablecoins amid global dollar dominance.
4.3.2 Solana Foundation Signs MOU with Korean Firm Wavebridge on KRW Stablecoin and Verification Engine
Plans joint development of issuance, operation, and verification engine for KRW stablecoins.
Collaboration scope includes on-chain training for domestic banks and tokenized MMF products.
Strengthens localized strategy combining global mainnet reach with regulatory understanding in Korea.
