About 40 Japanese banks have launched a trial of tokenized deposit transfers, with plans to put it into practice by 2027

According to Nikkei News, about 40 Japanese banks have launched empirical experiments on mutual transfer of digital currencies. The project is led by GMO Aozora Net Bank, in collaboration with NEC's Abeam Consulting and fintech company DCP, utilizing "tokenized deposits" on the blockchain for transfers. The goal is to create a 24-hour, year-round, low-cost instant settlement infrastructure. This experiment is part of the Japan Financial Services Agency's "FinTech Empirical Testing Hub" support project, with participants including around 40 institutions such as Resona Bank, the Central Treasury of the Chamber of Commerce and Industry, and Yokohama Bank. DCP plans to put this service into practice in 2027.