Japan Post Bank announced that it will launch the digital yen by the end of fiscal year 2026 to facilitate digital financial transactions for depositors.
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This move by the postal giant, which holds approximately 190 trillion yen ($1.29 trillion) in deposits, highlights a growing wave of domestic institutions leveraging blockchain technology to streamline financial transactions.
Japan Post Bank, whose shareholders include the Japanese government, announced on Monday that the digital yen will be issued under the symbol “DCJPY,” a digital currency developed by the company DeCurrent DCP for the bank’s depositors.
Once launched, depositors will be able to convert their yen into the digital currency to carry out instant transactions for digital securities and other blockchain-based assets.
Japan Post Bank and DeCurrent DCP, a subsidiary of the Japanese Internet Initiative, stated: “The tokenized deposit currency we are exploring will provide instant and transparent transactions using blockchain technology.”
The new digital yen is a blockchain-based deposit currency, fully backed on a 1:1 basis by the Japanese yen.
It differs from stablecoins, which are a type of cryptocurrency designed to maintain a stable value, usually pegged to a fiat currency.
--(Agencies)
