Banks are moving to issue stablecoins, while securities are moving toward tokenization. Japanese companies are increasingly adopting on-chain finance, and the boundaries of capital markets are being reshaped.
U.S. banks are increasingly moving to issue dollar-denominated stablecoins, and SoFi Bank has expanded SoFiUSD to Polygon, in addition to Ethereum and Solana. SoFi members can purchase, sell, hold and exchange it within the app, and redeem it at a 1:1 ratio with the U.S. dollar.
DTC, a subsidiary of DTCC, has announced plans to tokenize assets under custody and make stocks, ETFs, U.S. Treasuries and other assets available on Solana in the second half of 2027. Alongside Canton Network and private platforms, it is expected to expand to Solana following Stellar. The initiative will cover more than $114 trillion in assets under custody and administration.
In Japan, Sumitomo Mitsui Banking Corporation has announced steps to support the study of on-chain financial infrastructure. SMFG is also involved in exploring the use of the yen-denominated stablecoin JPYSC through its joint venture with SBI, and future developments are being closely watched.
In the United States, Circle, Ripple and Coinbase are successively moving toward obtaining final approval for national trust bank charters, advancing their connection to established financial activities such as trust services, custody and payments.