About 40 Japanese banks join blockchain deposit token transfer pilot

About 40 banks in Japan will take part in a pilot for interbank transfers using blockchain-based deposit tokens, CoinPost reported. GMO Aozora Net Bank will begin the test in August with blockchain firm DeCurret DCP and Abeam Consulting. The initiative aims to build infrastructure for instant, 24/7 remittances and settlements without going through existing interbank payment networks, with commercial deployment expected in fiscal 2027, which runs from April 2027 to March 2028. The pilot will test two methods: one in which banks open deposit accounts with one another and adjust balances by the amount transferred, and another that uses stablecoins as an intermediary.