Japan is leading a major financial infrastructure transformation, planning to migrate the world's third-largest Japanese government bond (JGB) market to blockchain by the end of 2026, enabling 24/7 trading and real-time settlement (T+0).

This move aims to leverage blockchain technology to digitize (tokenize) government bonds and use compliant Japanese yen stablecoins for payments. It is expected to significantly shorten the current "T+1" settlement cycle, greatly improving capital efficiency and market liquidity. The project has received support from core institutions such as Mitsubishi UFJ, Mizuho, Sumitomo Mitsui Banking Corporation, and Nomura Securities, and has entered the proof-of-concept stage.

Japan's strategic layout is designed to capture the high ground of global fintech. If successful, its influence will go beyond the government bond market and could serve as a catalyst for large-scale tokenization of real-world assets (RWA) worldwide. However, to achieve a smooth transition, Japan still needs to address compatibility issues between the new system and existing national clearing networks, as well as legal and tax challenges.

Overall, this is an innovative experiment combining national credit with cutting-edge technology, and its results will provide a key reference model for the digital evolution of global finance. #日本国债上链24小时交易