Tokenized Money at Scale: Japan’s Blueprint and its Application for Asia’s Payment Networks

While digital money has reached a critical inflection point, the limitations of private stablecoins—digital dollarization, monetary sovereignty risks, accounting complexities, and bank disintermediation—remain a barrier for institutional adoption. The global financial system is now pivoting toward a more robust solution: bank-led tokenized deposits.

Using Japan’s multi-bank, two-layered architecture—supported by a consortium of 100+ firms—as a lead case study, this session demonstrates how tokenized deposits serve as the next generation of public payment infrastructure. We examine the "Japan Model" as a scalable template for Asia, focusing on the core infrastructure requirements:

- Ecosystem-First Design: Why collaborative, multi-bank networks are the secret to scaling digital money beyond individual products.

- Addressing Real-World Demand: How a regulation-first approach meets B2B and trade needs while solving CFO-level hurdles in accounting and AML.

- The Blueprint for Asia: Why prioritizing interoperability and cross-border orchestration from the design phase—as seen in Japan’s pioneering efforts—is essential for building a regional infrastructure that secures monetary sovereignty.