The Future of Stablecoins and Japan's Tokenized Stocks: An Interview with Progmat's Tatsuya Saito

Summary

1. While stablecoins are increasingly integrating with finance, the essence of Web3.0 is fading

With the full-scale entry of financial institutions, stablecoins and blockchain are expanding into the core of capital markets. However, the traditional Web3.0 independence and agility are diminishing, revealing a trend of integration into existing finance.

2. The key to business is creating use cases and exploring white spaces

The crypto asset trading sector is already saturated, with enterprise and intermediate sectors offering new growth opportunities. Without generating 'staying use cases,' stablecoins face challenges in monetization, making the design of practical scenarios the biggest hurdle.

3. Tokenized stocks and interest-bearing tokens are the next evolution

Japan's tokenized stocks enable small-scale, 24-hour trading and rights allocation, promoting investment democratization and the formation of fan shareholders for companies. Additionally, tokens combining interest and settlement functions (e.g., JGB tokens) are poised to become the mainstream of the next generation.

──2025 was a year of heightened global attention on stablecoins. What are your thoughts on the outlook for stablecoins domestically and internationally in 2026?

Tatsuya Saito (hereafter, Saito): If I were to sum up last year's stablecoins in one word, it would be 'mixed feelings.'

Not limited to stablecoins, but major traditional financial institutions in both Japan and the US have begun to fully enter this field, particularly in the securities sector.

Previously, blockchain's application areas were centered around alternative assets like real estate. However, since last year, blockchain has started to enter the core areas of capital markets, such as stocks and investment trusts, as infrastructure, which I find very encouraging.

Regarding stablecoins, there have been reports of issuance by megabanks in the payment sector, and globally, financial institutions are becoming increasingly active. Originally, blockchain and crypto assets began as an antithesis to traditional finance, but now they are in a stage of integration with financial institutions. This situation, where existing finance and blockchain are moving together, is precisely the 'joy' in 'mixed feelings.'

──So, what about the 'sadness'?

Saito: As someone who founded Progmat with the expectation that 'this is how things would turn out,' it's complex, but I also want to see a world where blockchain stands independently as an 'antithesis' to existing finance.

As a premise, I personally recognize blockchain as one of the ledger technologies, for better or worse, and hypothesize that its true value is in the financial domain. On the other hand, the concept of Web3.0 represents applications and a new form of the internet, adding color to blockchain as a ledger technology. I think this is quite inspiring.

Moreover, in the traditional financial world, it's hard to do anything flashy, and it's difficult to maintain a sense of speed, but with Web3.0, there's relatively more freedom and speed.

Seeing the situation where financial institutions are rather welcoming their entry, I feel this tug-of-war has reached its conclusion. As various events unfolded, the concept of Web3.0 has toned down, while stablecoins and crypto assets are being integrated into existing finance. The aspect of 'being integrated' when viewed from another perspective is precisely what I consider the 'sadness.'