Japan's JSCC, in collaboration with Mizuho, Nomura, and Digital Asset, launched a blockchain-based government bond collateral trial.

According to Mars Finance, Japan Securities Clearing Corporation (JSCC), the clearing house of the Japan Exchange Group, has partnered with Mizuho Bank, Nomura Securities, and Digital Asset to launch a proof-of-concept trial to explore the use of blockchain technology for collateral management of Japanese government bonds (JGBs). According to a joint statement released Monday, the trial will integrate the existing systems of multiple institutions through the Canton Network to test the on-chain transfer and management of JGBs. This move aims to assess the feasibility of enabling real-time collateral transactions while ensuring compliance with relevant financial instruments and transaction laws. The trial will also explore cross-border use cases involving clearinghouses, institutional investors, and other market participants. JSCC stated that this trial is part of a broader initiative under the Financial Services Agency's "Payment Innovation Project." With progress in testing similar infrastructure in overseas markets such as the United States, advancing JGB collateral management has become an "urgent priority." Previously, the American Depository Trust & Clearing Corporation (DTCC) launched a pilot program to tokenize US Treasury bonds, and South Korea is also conducting related tests.