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# Japan’s Financial Services Agency Launches 43-Company Pilot to Test Interbank Tokenized Deposit Settlements
- URL: https://www.fintechobserver.com/japans-financial-services-agency-launches-43-company-pilot-to-test-interbank-tokenized-deposit-settlements/
- Published: 2026-09-02T09:25:37.000Z
- Updated: 2026-09-02T09:25:37.000Z
- Author: Norbert Gehrke
- Tags: payments, tokenized deposits, interbank settlement, japan

A group of 43 companies has officially launched full-scale testing for the "Interbank Settlement of Tokenized Deposits" project, supported under the Financial Services Agency’s "FinTech PoC Hub" framework following its initial adoption on April 3, 2026\. 

Led by DCP, GMO Aozora Net Bank, and ABeam Consulting, the initiative gathered participating institutions and key stakeholders on August 20, 2026, to evaluate the technical, legal, and operational viability of executing on-chain interbank settlements.

The pilot aims to address cross-bank compatibility challenges by testing 24/7/365 Real-Time Gross Settlement (RTGS) models designed to reduce transaction costs and settlement risks. 

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Key structural models under evaluation include:

- **TD Lead Bank Model**: Uses a single lead private bank to process peer-to-peer user transfers and interbank settlements concurrently on the same tokenized deposit (TD) platform.
- **TD-SC Integration Model**: Settles interbank transfers on the TD platform using stablecoins (SC).
- **Legacy System Integration**: Explores options for integrating tokenized deposit settlements directly into existing national payment infrastructures.

The experiment aligns with broader regulatory and policy shifts in Japan. On March 3, 2026, Bank of Japan Governor Kazuo Ueda announced plans to explore tokenizing central bank money, followed by the Cabinet's approval of the "Basic Policy on Economic and Fiscal Management and Reform 2026" on July 21, 2026, which formally promoted on-chain finance and tokenized deposits to support economic growth.

Participating financial institutions—including regional lenders such as Ashikaga Bank, AEON Bank, and Fukuoka Financial Group—will evaluate settlement efficiency and feasibility throughout the trial.

![](https://storage.ghost.io/c/46/cb/46cbd57f-e0e8-41a4-a1e2-710103a4267b/content/images/2026/09/Screenshot-2026-09-02-at-18.14.34.png)

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[Japanese Financial Consortium to Pilot First Tokenized Deposit Settlements for Security TokensA consortium of six major Japanese financial and technology firms—including SBI Securities, Daiwa Securities, and SBI Shinsei Bank—have announced the launch of a collaborative project to verify real-world settlement of security tokens (ST) using tokenized deposits. The initiative aims to implement a Delivery Versus Payment (DVP) settlement![](https://storage.ghost.io/c/46/cb/46cbd57f-e0e8-41a4-a1e2-710103a4267b/content/images/icon/Newsletter-Small-0228e670-24dc-4c3c-bb2e-3e38d3eeb475.png)Japan FinTech ObserverNorbert Gehrke![](https://storage.ghost.io/c/46/cb/46cbd57f-e0e8-41a4-a1e2-710103a4267b/content/images/thumbnail/DeCurret-2-2d45ad36-3edc-442f-be2d-a0c5d575800c.png)](https://www.fintechobserver.com/japanese-financial-consortium-to-pilot-first-tokenized-deposit-settlements-for-security-tokens/)