Japan’s $6.5B Stablecoin Push: How Cosmos Powers 200 Banks in Tokenized Deposit Revolution

TLDR: Progmat Coin consortium unites 200+ Japanese banks for ¥1 trillion three-year stablecoin issuance plan. Project Pax integrates Swift API with IBC protocol to preserve banking workflows while modernizing settlement. Cosmos architecture enables ledger-level compliance controls and permissioned issuance for regulated assets. IBC interoperability protocol maintains zero security exploits since 2021 launch across 200+ blockchains. Tokenized deposits and stablecoins continue to reshape institutional settlement systems as major financial players adopt blockchain infrastructure. Japan’s banking consortium, backed by over 200 institutions, plans to issue approximately ¥1 trillion in stablecoins over three years using Cosmos technology. The initiative demonstrates how traditional finance integrates programmable money while maintaining regulatory compliance and operational control. Banking Consortium Leverages Cosmos for Cross-Border Settlement Progmat Coin represents a significant development in institutional blockchain adoption. The platform, co-developed by Datachain, brings together Japan’s largest banks and financial institutions. The consortium selected Cosmos infrastructure to address persistent inefficiencies in cross-border payments. Project Pax, launched by Progmat and Datachain, uses the Inter-Blockchain Communication Protocol as its core interoperability layer. The architecture preserves existing banking workflows while modernizing settlement infrastructure. Banks initiate payments through Swift’s API, maintaining familiar compliance controls throughout the process. The settlement layer operates across both public and private blockchains. Progmat issues regulated stablecoins that move via IBC connections. Datachain’s multi-prover security model meets Japanese regulatory requirements while enabling cross-chain transfers. This design targets the G20’s identified weaknesses in cross-border payments. The system eliminates correspondent banking chains and enabl...