Tokyo, Japan — October 10, 2025
Soramitsu Launches Stablecoin Issuance Consulting Business for the Japanese Market
→ Bringing National-Scale Central Bank Digital Currency (CBDC) Expertise to Businesses in Japan
Soramitsu Co., Ltd. (Head Office: Shibuya-ku, Tokyo; President and Representative Director: Kazumasa Miyazawa) and Soramitsu CBDC Co., Ltd. (Head Office: Shibuya-ku, Tokyo; President and Representative Director: Makoto Takemiya) hereby announce the launch of consulting and development support services for businesses in Japan. The services will support the design, development, and operation of stablecoin issuance systems that comply with the Payment Services Act and other applicable laws and regulations.
Through this service, the Soramitsu Group will bring to the Japanese market its experience in developing national-scale central bank digital currency and stablecoin infrastructure in countries around the world.
Through this service, the Soramitsu Group will bring to the Japanese market its experience in developing national-scale central bank digital currency and stablecoin infrastructure in countries around the world.
Soramitsu jointly developed Bakong, a blockchain-based digital payment system, with the National Bank of Cambodia. Bakong commenced operation in October 2020.
By the end of 2024, Bakong had grown rapidly to reach 30 million accounts in Cambodia, a country with a population of approximately 17 million. It processes 600 million transactions annually, with a total transaction value of JPY 22.6 trillion—approximately 3.3 times the country’s GDP. Approximately 70% of its circulation is denominated in U.S. dollar stablecoins, which supported 300 million transactions totaling JPY 16.7 trillion in 2024 alone.
By the end of 2024, Bakong had grown rapidly to reach 30 million accounts in Cambodia, a country with a population of approximately 17 million. It processes 600 million transactions annually, with a total transaction value of JPY 22.6 trillion—approximately 3.3 times the country’s GDP. Approximately 70% of its circulation is denominated in U.S. dollar stablecoins, which supported 300 million transactions totaling JPY 16.7 trillion in 2024 alone.
See also:
Bakong volume surges in riel, dollar transactions in H1 (2025),
Ledger Insights: Cambodia’s Bakong DLT payments volumes reach 3x GDP (2025),
Khmer Times: Bakong success paving the way for other digital asset creations (2024),
WEF: How is digital currency revolutionizing Cambodia’s finance system? (2022),
WEF: Cambodia's digital currency can show other central banks the way (2021).
Bakong volume surges in riel, dollar transactions in H1 (2025),
Ledger Insights: Cambodia’s Bakong DLT payments volumes reach 3x GDP (2025),
Khmer Times: Bakong success paving the way for other digital asset creations (2024),
WEF: How is digital currency revolutionizing Cambodia’s finance system? (2022),
WEF: Cambodia's digital currency can show other central banks the way (2021).
Soramitsu subsequently conducted CBDC proof-of-concept projects with the central banks of Laos, the Solomon Islands, and Papua New Guinea. In the Republic of Palau, Soramitsu also developed a blockchain-based savings bond system for the Ministry of Finance.
During the current fiscal year, Soramitsu CBDC will use the results of these proof-of-concept projects as the basis for the next stage: advancing pilot projects with the countries mentioned above, with a view toward actual operation. Soramitsu is also conducting a new CBDC proof of concept with the central bank of Pakistan, expanding its business activities to more than six countries overseas.
During the current fiscal year, Soramitsu CBDC will use the results of these proof-of-concept projects as the basis for the next stage: advancing pilot projects with the countries mentioned above, with a view toward actual operation. Soramitsu is also conducting a new CBDC proof of concept with the central bank of Pakistan, expanding its business activities to more than six countries overseas.
World's 1st blockchain retail CBDC, in Cambodia
Central Bank of Solomon Islands CBDC PoC
Papua New Guinea CBDC PoC
Government of Palau savings bond platform
Web3 Technology Foundation and Global Expansion
Soramitsu Helvetia AG, a Swiss affiliate of Soramitsu, has developed SORA network, which combines public and permissioned blockchain technologies. It has also developed systems for issuing and managing Kensetsu USD, a U.S. dollar-linked stablecoin, and crypto-assets including XOR, VAL, and PSWAP.
The Soramitsu Group also has extensive development experience in the Web3 sector, including the decentralized exchanges Polkaswap and Tonswap, and a decentralized exchange platform for Klaytn, as well as Fearless Wallet, a next-generation DeFi wallet.
Soramitsu Helvetia AG, a Swiss affiliate of Soramitsu, has developed SORA network, which combines public and permissioned blockchain technologies. It has also developed systems for issuing and managing Kensetsu USD, a U.S. dollar-linked stablecoin, and crypto-assets including XOR, VAL, and PSWAP.
The Soramitsu Group also has extensive development experience in the Web3 sector, including the decentralized exchanges Polkaswap and Tonswap, and a decentralized exchange platform for Klaytn, as well as Fearless Wallet, a next-generation DeFi wallet.
Overview of the New Service for the Japanese Market
Through the newly launched service, Soramitsu will provide comprehensive support to Japanese businesses considering stablecoin issuance, covering everything from framework design and system development to ongoing operation.
The core technology used for the service is Hyperledger Iroha, which was originally developed by Soramitsu and is currently managed by The Linux Foundation.
Hyperledger Iroha enables immediate settlement with transaction finality in two seconds or less and can process several thousand transactions per second. It is globally recognized as a high-performance platform ideally suited to financial transactions involving CBDCs, stablecoins, and other digital assets. In Japan, it has already been used in more than ten cases involving companies, local governments, and other organizations.
Through the newly launched service, Soramitsu will provide comprehensive support to Japanese businesses considering stablecoin issuance, covering everything from framework design and system development to ongoing operation.
The core technology used for the service is Hyperledger Iroha, which was originally developed by Soramitsu and is currently managed by The Linux Foundation.
Hyperledger Iroha enables immediate settlement with transaction finality in two seconds or less and can process several thousand transactions per second. It is globally recognized as a high-performance platform ideally suited to financial transactions involving CBDCs, stablecoins, and other digital assets. In Japan, it has already been used in more than ten cases involving companies, local governments, and other organizations.
Examples of Services Provided
Regulatory and risk advisory: Clarification of requirements under the Payment Services Act and other applicable laws and regulations; design of AML/CFT measures; and development of issuance, redemption, and fund-management schemes.
Solution design: Design of token models, including account-based and token-based models; payment flows; wallet user experience; and custody integration.
Proof-of-concept and implementation support: Rapid implementation of proofs of concept and pilot projects on Hyperledger Iroha, together with performance and fault-tolerance testing.
Systems integration: Integration with core banking systems and payment gateways; support for JPQR and other standards; and connections with card networks and acquirers.
Interoperability through SORA Nexus: A globally compatible blockchain network based on Hyperledger Iroha, providing private data environments capable of supporting regulated assets.
Operations and monitoring: Key management, monitoring, incident response, and performance optimization support.
Regulatory and risk advisory: Clarification of requirements under the Payment Services Act and other applicable laws and regulations; design of AML/CFT measures; and development of issuance, redemption, and fund-management schemes.
Solution design: Design of token models, including account-based and token-based models; payment flows; wallet user experience; and custody integration.
Proof-of-concept and implementation support: Rapid implementation of proofs of concept and pilot projects on Hyperledger Iroha, together with performance and fault-tolerance testing.
Systems integration: Integration with core banking systems and payment gateways; support for JPQR and other standards; and connections with card networks and acquirers.
Interoperability through SORA Nexus: A globally compatible blockchain network based on Hyperledger Iroha, providing private data environments capable of supporting regulated assets.
Operations and monitoring: Key management, monitoring, incident response, and performance optimization support.
Expansion into Cross-Border Payments
Soramitsu will support businesses in Japan in implementing low-cost, highly responsive international remittance services. It will also explore connections between Japanese stablecoins and overseas CBDCs and stablecoins, as well as the development of cross-border payment and remittance systems.
Cambodia’s Bakong has already completed its connection to a Japanese payment network that supports the JPQR standard. Bakong is also connected to payment networks in Malaysia, Thailand, Vietnam, Laos, and China, enabling fast, low-cost cross-border payments to be completed in approximately ten seconds.
Further expansion into India, Singapore, Indonesia, and other countries is planned, providing Japanese businesses with a diverse range of options for cross-border payments.
Soramitsu will support businesses in Japan in implementing low-cost, highly responsive international remittance services. It will also explore connections between Japanese stablecoins and overseas CBDCs and stablecoins, as well as the development of cross-border payment and remittance systems.
Cambodia’s Bakong has already completed its connection to a Japanese payment network that supports the JPQR standard. Bakong is also connected to payment networks in Malaysia, Thailand, Vietnam, Laos, and China, enabling fast, low-cost cross-border payments to be completed in approximately ten seconds.
Further expansion into India, Singapore, Indonesia, and other countries is planned, providing Japanese businesses with a diverse range of options for cross-border payments.
Figure 1: Example of interoperability between systems built with Hyperledger Iroha, leveraging the SORA Nexus ("v3 Hub Chain") technology, a network based on the latest version of Hyperledger Iroha, that in the future may provide an optional transaction layer between permissioned and public blockchain networks while preserving complete monetary sovereignty for each participant.
Service Launch
The service will be available in Japan beginning in October 2025.
The service will be available in Japan beginning in October 2025.
About Soramitsu CBDC Co., Ltd.
Soramitsu CBDC was established in March 2024. The company is primarily responsible for the international business development and development of blockchain-based CBDC systems and savings bond systems.
Soramitsu CBDC was established through a business separation from Soramitsu, inheriting the software assets, intellectual property, personnel, expertise, knowledge, and experience in business development and engineering that Soramitsu had accumulated over many years.
Soramitsu CBDC was established in March 2024. The company is primarily responsible for the international business development and development of blockchain-based CBDC systems and savings bond systems.
Soramitsu CBDC was established through a business separation from Soramitsu, inheriting the software assets, intellectual property, personnel, expertise, knowledge, and experience in business development and engineering that Soramitsu had accumulated over many years.
Founded in February 2016, Soramitsu is an award-winning global financial technology company headquartered in Tokyo, Japan, with expertise in developing blockchain-based solutions for digital asset management, payments, and digital identity. Soramitsu’s mission is to harness blockchain technology to address the world’s most pressing societal challenges.
Utilizing blockchain, Soramitsu has developed a digital currency infrastructure backbone for the National Bank of Cambodia; CBDC PoCs with the Bank of the Lao PDR, the Central Bank of Solomon Islands, and the Bank of Papua New Guinea; a blockchain-based digital savings bond system, Palau Invest, in collaboration with the Government of Palau; a closed-loop payment system for the University of Aizu in Japan; and an identity-verification system prototype for Bank Central Asia in Indonesia.
Soramitsu was shortlisted in the Monetary Authority of Singapore CBDC Challenge, participated in Asia-Pacific’s first proof-of-concept test of a cross-border multi-currency securities settlement system using distributed ledger technology with the Asian Development Bank, and, in collaboration with the Risk Assurance Group and Orillion Solutions, developed the technology core of the Fraud Intelligence Blockchain.
Soramitsu is a contributor to many open source projects, such as Klaytn (now Kaia); Zenswap—a joint venture with Analog; the SORA crypto-economic system; the Polkaswap DEX; and the DeFi wallet Fearless Wallet.
Soramitsu is the developer and a major contributor to the open-source blockchain platform Hyperledger Iroha, a project of the Linux Foundation Decentralized Trust, tailored for enterprise and public-sector use.
Soramitsu continues to deploy cutting-edge technology on a global scale to expedite financial inclusion and fulfillment of the Sustainable Development Goals, and to mitigate economic inefficiencies.
Soramitsu was shortlisted in the Monetary Authority of Singapore CBDC Challenge, participated in Asia-Pacific’s first proof-of-concept test of a cross-border multi-currency securities settlement system using distributed ledger technology with the Asian Development Bank, and, in collaboration with the Risk Assurance Group and Orillion Solutions, developed the technology core of the Fraud Intelligence Blockchain.
Soramitsu is a contributor to many open source projects, such as Klaytn (now Kaia); Zenswap—a joint venture with Analog; the SORA crypto-economic system; the Polkaswap DEX; and the DeFi wallet Fearless Wallet.
Soramitsu is the developer and a major contributor to the open-source blockchain platform Hyperledger Iroha, a project of the Linux Foundation Decentralized Trust, tailored for enterprise and public-sector use.
Soramitsu continues to deploy cutting-edge technology on a global scale to expedite financial inclusion and fulfillment of the Sustainable Development Goals, and to mitigate economic inefficiencies.
SEE ALSO:
LFDT’s CBDC eBook: Hyperledger Iroha’s Real-World Impact
LF Decentralized Trust’s CBDC eBook highlights Iroha/Iroha 2 deployments in production and PoCs—from Cambodia’s Bakong to Pacific pilots—showing open DLT momentum for CBDCs
LF Decentralized Trust’s CBDC eBook highlights Iroha/Iroha 2 deployments in production and PoCs—from Cambodia’s Bakong to Pacific pilots—showing open DLT momentum for CBDCs
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Soramitsu Helvetia AG c/o Diego Compostella, Oberneuhofstrasse 5, 6341 Baar, Switzerland
Privacy Policy
Terms and Conditions
© 2016-2025 SORAMITSU.
All Rights Reserved.