Japanese Banking Giant Joins Tech Firms to Build Cross-Chain Stablecoin Infrastructure

Key appointment sees Turkey’s central bank enhance crypto expertiseTurkey’s President, Recep Tayyip Erdogan, has taken a step in integrating blockchain and cryptocurrency expertise into the nation’s monetary policy by appointing Professor Fatma Ozkul to the central bank’s rate-setting committee.Photo by Engin Yapici on UnsplashIncorporating digital financial knowledgeThis decision, which became effective on Saturday, marks a significant move towards incorporating digital financial knowledge within the economic framework of Turkey.As part of Turkey’s economic strategy, President Erdogan has been restructuring the economic management team since his victory in the May general election. This reshuffling included the appointment of ex-Goldman Sachs banker Hafize Gaye Erkan as the central bank’s governor in June.That appointment led to a series of policy rate increases, totaling 3,400 basis points, bringing the rate to 42.5%. Further changes in the Monetary Policy Committee (MPC) occurred in July, reinforcing the trajectory of monetary tightening.Crypto credentialsProfessor Fatma Ozkul, a lecturer at Istanbul’s Marmara University, joins the MPC with a primary focus on accounting, finance and auditing. Notably, she brings expertise in blockchain technology and crypto assets, having conducted courses on these subjects. Her recent work has delved into the implications of blockchain and crypto assets on finance, culminating in the publication of a book on crypto asset accounting in 2022.While Ozkul’s appointment may not immediately alter the current monetary policy direction, it reflects an understanding of the need to incorporate digital financial tools when formulating economic and monetary policy. Her extensive knowledge in digital finance is expected to contribute significantly to the process of setting benchmark interest rates, a critical instrument in controlling inflation within Turkey.President Erdogan’s emphasis on digital banking aligns with Turkey’s proactive steps in this direction. The central bank introduced a digital Turkish lira collaboration platform in 2021 and successfully tested digital lira transactions in late 2022. Additionally, the government is anticipated to submit a draft law regulating crypto assets in the coming year.Crypto adoptionThe political and economic climate in Turkey has shown a growing interest in cryptocurrencies, particularly Bitcoin. Chainalysis, a blockchain analytics company, reports that Turkey recorded nearly $170 billion worth of cryptocurrency transactions between July 2022 and June 2023, ranking fourth globally in terms of raw transaction volumes.A report by KuCoin earlier this year identified a noteworthy increase in the overall number of crypto investors in Turkey over the course of the past 18 months. That growth in adoption was found to be youth-driven. The importance of the Turkish market within the crypto sector is further evidenced by the recent revelation that the Turkish Lira is the most dominant fiat trading pair on leading global crypto exchange Binance.In response to this surge, the Turkish government has been working on cryptocurrency regulations, focusing on licensing and taxes. This regulatory move aims to remove Turkey’s name from the Financial Action Task Force’s “gray list” and align the country with global financial norms.As Professor Ozkul assumes her role, her expertise and input may well play a pivotal part in shaping Turkey’s evolving position and approach where digital assets, blockchain and cryptocurrencies are concerned.

Japanese auto-parts manufacturer Ikuyo announced last week its board has approved a 300 million yen ($2 million) investment in Galactic Holdings, the parent company of the TruBit cryptocurrency exchange. The investment expands a capital and business alliance first established on June 26.Photo by CHUTTERSNAP on UnsplashStablecoin for B2B cross-border paymentsIn a press release, the Kanagawa-based company stated the funding will be executed through a third-party allotment of new shares. The capital will support Galactic’s stablecoin infrastructure for B2B cross-border payments and help Ikuyo build expertise in digital financial services, diversify its assets, and enhance its long-term corporate value. The initiative arrives as Japan’s auto-parts sector, which counts more than 600,000 workers at roughly 20,000 firms, seeks new efficiencies amid global economic pressures. Autos represented 28.3% of Japan’s exports to the U.S. in 2024, making U.S. trade policy a key influence. This year, the sector navigated a 25% U.S. tariff on automobiles and parts imposed in April, which was then lowered to 15% on July 22 after a deal with the Trump administration. Shifts in the global trade landscape provide an incentive for companies to streamline operational costs. As a proof of concept, Ikuyo plans to pilot stablecoin settlements in transactions between its China-based subsidiary, Kunshan Veritas Automotive Systems, and Veritas in Mexico. Currently, these trades are settled in Mexican pesos and converted to U.S. dollars. The company expects the use of stablecoins to reduce remittance costs and accelerate settlement times.  While the launch timing, performance metrics, and monetization strategy are still being finalized, the pilot’s results will guide future business development. In the long term, Ikuyo aims to become an early adopter of stablecoin settlement in the auto-parts sector, applying the technology to improve efficiency and transparency in international trade, initially between Japan and Latin America and between Japan and Southeast Asia. Japan embraces Web3 in push for growthThis corporate move aligns with a broader trend of growing government support for decentralized technologies in Japan. Speaking at the WebX2025 event on Aug. 25, Prime Minister Shigeru Ishiba announced stronger state support for Web3 initiatives, describing the sector as a driver of innovation that could help Japan tackle demographic decline and foster economic transformation.  He noted that Web3 is already being implemented at the Osaka Expo and highlighted local pilot programs where communities use tokens as governance rewards. Ishiba also stressed that the government’s five-year startup growth plan would be strengthened through investment and regulatory reforms, with Web3 and related digital industries expected to take center stage. On the financial policy front, Finance Minister Katsunobu Kato recently addressed the rapid increase in crypto adoption across Japan. He explained that his role is to balance necessary oversight with providing the industry enough freedom to innovate. While acknowledging that digital assets remain highly volatile, Kato argued that creating a secure trading environment would protect investors while also helping to diversify and enrich their portfolios. Ikuyo’s initiative underscores the private sector’s quickening embrace of crypto. Last month, SBI Group, one of the nation’s largest financial conglomerates, revealed a strategic alliance with the decentralized oracle provider Chainlink. Their collaboration aims to expand the institutional adoption of digital assets and blockchain globally. The partnership will utilize Chainlink’s Proof of Reserve, SmartData, and Cross-Chain Interoperability Protocol (CCIP) to facilitate the tokenization of real-world assets (RWAs) across multiple blockchains.

Fingerlabs launches Web3 solution to help partners build membership NFTsFingerlabs, a subsidiary of digital marketing company FSN, has launched its participatory Web3 membership platform dubbed “Bling” in an effort to foray into the evolving digital landscape, according to an official press release.Photo by Choong Deng Xiang on UnsplashCustomizable characters and collaborative benefitsBling is an all-in-one marketing solution that allows businesses to conveniently create and manage NFTs that offer membership benefits. Users can create customizable characters on Favorlet, Fingerlabs’ NFT wallet and customer management service, using clothing or accessories called “parts.” These parts are linked to benefits offered by Fingerlabs’ partner firms, usually in the form of coupons that can be used both online and offline — thus touting the name “parts NFTs.” This can help boost brand exposure as Fingerlabs will be able to share its customer base with its partners.“Bling will prove to be a novel attempt in demonstrating that Web3 technology is not exclusive but for everyone to use. It will significantly reduce the risks associated with directly operating NFT projects and support any brand in effortlessly utilizing Web3 technology as an all-in-one solution for development and operations,” explained Fingerlabs CEO Kim Dong-hoon.Partner firms can construct their parts NFTs through Favorlet, and users can store theirs on their Favorlet wallet. Notably, parts NFTs can also be traded on NFT is Life Evolution (NILE), a decentralized autonomous organization (DAO) and NFT platform built on blockchain gaming publisher Wemade’s WEMIX3.0 mainnet.Bringing a classic to Web3Fingerlabs also announced that it is working with the K Museum of Contemporary Art, located in Seoul, as Bling’s first official partner. Users can customize their Bling characters with Great Gatsby-themed parts in line with the museum’s newest exhibit based on the classic novel. Passes to the exhibit will also be minted as NFTs. The K Museum of Contemporary Art previously worked with Fingerlabs in August on a project where exhibit poster cards were minted as reward-yielding NFTs.