The Japanese financial group Sumitomo Mitsui Financial Group (SMBC) is moving to explore the benefits of Web3 by issuing soulbond tokens (SBTs). Proposed by Ethereum creator Vitalik Buterin, SBTs refer to digital identity tokens that represent the characteristics or reputation of a person or entity, or a “soul.” Such tokens are non-transferable and are designed for the decentralized society and Web3. SMBC officially announced on Dec. 8 an initiative focused on the practical use of SBTs in partnership with the digital asset firm HashPort. The companies plan to conduct research on SBTs to find out their practical uses for communities, …

Japanese trading house Mitsui is reportedly planning to issue a cryptocurrency pegged to gold, local news agency Nikkei Asia reported Friday. Called ZipangCoin (ZPG), Mitsui’s new digital currency will reportedly be issued as early as February and will be available to retail investors through cryptocurrency exchanges. The stablecoin will be linked to gold prices at yen-denominated prices by Mitsui from the London Metal Exchange, with one ZPG valued equivalent to one gram of gold and guaranteed by Sumitomo Mitsui Banking. According to the report, the new gold stablecoin will be initially offered through Mitsui’s proprietary crypto exchange and later made …

Japan-based bank Sumitomo Mitsui Trust Bank, or SMTB, has launched its first asset-backed securities token in partnership with Securitize on March 29. The instrument is the first security token compliant with the Financial Instruments and Exchange Act (FIEA) to launch in the Japanese Market. The token has received an “a-1 rating” from Japanese rating agency, Rating and Investment Information, Inc, suggesting the product is very likely to fulfill its short-term obligations. The token was created by tokenizing paper-based beneficiary certificates representing investor ownership to an underlying asset. SMTB has also created a trust company to manage its underlying securitized investments. …

Japan’s three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen. The group consists of banks, various Japanese brokerages, utility and telecom firms and retailers, according to a Reuters report published on Nov. 19. For the purposes of the experiment, the private banks will be responsible for issuing the currency, although the prospect of other actors becoming involved in issuance has not been ruled out, according to the chair of the new group, Hiromi Yamaoka. Yamaoka is a former executive at Japan’s central bank, which itself …