Minna Bank Contemplates Solana Stablecoins, With Fireblocks Taking the Lead in Research
In a rapidly evolving digital asset landscape, the use of stablecoins in financial payment systems is gaining traction worldwide. This shift towards legitimizing stablecoins is being driven by a global trend towards formal regulatory frameworks that emphasize transparency, consumer protection, and risk management while balancing innovation and market stability.
In the United States, the pro-innovation yet regulated approach to stablecoins has been established under the 2025 GENIUS Act passed by the Senate. This federal law mandates that stablecoins be fully backed 1:1 with safe, liquid assets, require regular audits, and impose transparency and disclosure standards to protect consumers. The Act limits issuance to entities meeting specific regulatory criteria, reserving regulatory benefits for more established institutions. Notably, an executive order in January 2025 promotes stablecoins but prohibits central bank digital currencies (CBDCs) in the U.S.
Japan, historically proactive in regulating crypto assets, is likely to maintain a cautious yet progressive regulatory stance aligned with international standards on stablecoins, emphasizing issuer oversight and consumer safety.
China's regulatory stance has been strict on cryptocurrencies broadly, including bans on crypto trading and mining, while advancing its own central bank digital currency (the digital yuan). China’s policy likely remains restrictive towards non-sovereign stablecoins in financial payment systems, focusing instead on state-controlled digital currency issuance and control.
South Korea may align towards a balanced regulatory regime, promoting innovation but under robust oversight to prevent risks associated with stablecoins.
Many jurisdictions, including Hong Kong, are introducing legislation that brings fiat-referenced stablecoin issuers into a comprehensive regulatory perimeter. International bodies like the Basel Committee have issued standards for banks holding cryptoasset exposures, and regions like the EU have implemented strict regulations focusing on asset-referencing and e-money tokens.
A notable development is the Genius Stablecoin Act, a legislation in the United States that focuses on stablecoins. Minna Bank, a digital bank based in Japan, is exploring the usage of digital wallets and stablecoins, with the project not related to the events discussed in this article. The group will research the viability of issuing stablecoins on the Solana blockchain, in collaboration with crypto infrastructure firm Fireblocks, Solana Japan, and Japanese tech company TIS. The project will also focus on exploring how Web3 wallets can provide more seamless and user-friendly financial experiences.
The 24-hour volume of Solana (SOL) is $4.21 B, with a market cap of $81.90 B and a 24-hour volatility of 3.3%. Despite China's current ban on cryptocurrency activities, financial authorities believe that a yuan-backed stablecoin could advance the country's long-term objective of increasing the local currency's influence globally.
In South Korea, businesses involved in the CBDC pilot have been notified of the change, with the central bank putting discussions around a CBDC on hold. President Trump has urged for swift passage of the Genius Stablecoin Act so he can sign it into law. The second phase of testing for the South Korean CBDC, originally scheduled for late 2025, is now unlikely to proceed.
The global trends and regulations on stablecoins in financial payment systems reflect a movement towards legitimizing stablecoins as part of the financial ecosystem while ensuring financial stability, transparency, and consumer protection.
Businesses in the United States are guided by the 2025 GENIUS Act, which mandates that stablecoins be backed with safe, liquid assets, requires regular audits, and imposes transparency and disclosure standards to protect consumers. On the other hand, China's regulatory stance on stablecoins remains restrictive, focusing on state-controlled digital currency issuance and control, while China's financial authorities are considering a yuan-backed stablecoin to increase the local currency's influence globally.
