SBI Financial Economics Institute Analyzes 'Three Frictions' of Stablecoins

On the 25th, the SBI Financial Economics Institute released a report analyzing stablecoins, tokenized deposits, and wholesale CBDCs from a payment systems perspective. The report was authored by Yutaka Fujishima, a senior researcher at the institute. The report highlights recent developments in yen-denominated stablecoins, their use by AI agents, and references to the tokenization of Bank of Japan current deposits, announced during the Japan FinTech Week (late February to early March). It also discusses a new payment system concept report published by the National Bank Funds Settlement Network (Zengin-net) in the same month, which includes collaboration with stablecoin issuers and token...