Japan's Financial Services Agency Supports Tokenized Deposit Interbank Settlement Verification with 43 Institutions Participating

Japan's GMO Aozora Net Bank will act as the representative bank for the Financial Services Agency's "FinTech Proof of Concept Center" supporting the project to verify "Tokenized Deposit Interbank Settlement." The project is applied for by DCP, with ABeam Consulting serving as the secretariat, involving a total of 43 institutions, and officially entered the verification phase on August 20. The verification focuses on using blockchain to complete interbank settlements of tokenized deposits and stablecoins on-chain, aiming to achieve on-chain closed-loop transactions between users and 24/7 real-time full settlement to reduce settlement costs and risks. The plan includes a TD host bank model, a TD and stablecoin linkage model, and integration with existing settlement systems.

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