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Mizuho

Institution · Investment bank

Mizuho is one of the two megabank participants (alongside Nomura) named in the April 2026 tokenised JGB collateral trial on the Canton Network coordinated with JSCC and Digital Asset. Mizuho was previously announced as a participant in the FSA Japan Payment Innovation Project (PIP) sandbox. Mizuho is also a long-running participant in Japanese megabank tokenisation consortia, including the MUFG-led Progmat platform's trust-issuance work and the November 2025 joint stablecoin proof-of-concept with MUFG and SMBC.

Named products and pilots

  • Progmat consortium participation. Mizuho is a megabank participant in the MUFG-led Progmat consortium, alongside SMBC, issuing trust-based tokenised cash and bank-issued stablecoin products in Japan under the post-2023 PSA stablecoin framework. Progmat accounts for roughly 63% of cumulative issuance volume and 53.8% of project count in Japan's domestic security-token market, with about JPY 439.6 billion in assets under management as of the most recent disclosure (Progmat).
  • Joint megabank stablecoin and cross-border payments proof-of-concept (Nov 2025). Mizuho, alongside MUFG and SMBC, Mitsubishi UFJ Trust and Banking, and Progmat, announced a proof-of-concept under the FSA FinTech PoC Hub for joint stablecoin issuance and cross-border payments, tested with Mitsubishi Corporation's Japanese and overseas offices. Progmat supplies the rails; jpyc, the first FSA-licensed yen stablecoin (August 2025), anchors the yen leg (Stablecoin Insider).
  • Tokenised JGB collateral trial on Canton Network. Announced 20 April 2026 jointly with Nomura, JSCC and Digital Asset, testing tokenised Japanese government bond collateral on the Canton Network.

Role in tokenisation

  • Mizuho has been a PIP sandbox participant alongside Nomura.
  • Mizuho is a megabank counterparty in the tokenised JGB collateral trial on Canton Network.

Recent activity

  • 20 Apr 2026Joint announcement with Nomura, JSCC and Digital Asset of the Canton tokenised JGB collateral trial.

Open questions

  • Mizuho's product-line-level role within Progmat trust-issuance products (reserve-holding, distribution, or both) is not publicly disclosed this period.
  • Whether Mizuho's tokenised-deposit activity is settled on Canton or on a separate consortium ledger.