Mizuho Financial Group, Nomura Holdings, Japan Securities Clearing Corporation (JSCC), and Digital Asset jointly announced on Monday, April 21, 2026, that they will launch a trial for Japan Government Bond (JGB) collateral management on Canton Network, an institutional-grade blockchain platform. The goal is to achieve around-the-clock, real-time collateral exchanges with cross-account managers.
### Trial Participants and the Canton Network Platform
(Source: Nomura Holdings)
According to the joint announcement made on Monday, the four participating institutions in this trial are: Mizuho Financial Group, Nomura Holdings, JSCC, a wholly owned subsidiary of Japan Exchange Group, and Digital Asset, the provider of the Canton Network technology platform. Canton Network is a blockchain platform built specifically for institutional finance and capital markets.
According to publicly available information, JPMorgan, Goldman Sachs, and the U.S. clearing institution DTCC (currently working on the tokenization of U.S. Treasuries) have already deployed similar projects on Canton Network.
### Scope of Testing and the Legal Status of Japan Government Bonds
According to Monday’s announcement, the contents of this trial include: transfer of ownership of JGBs across multiple account managers, real-time collateral exchanges between clearing institutions and institutional investors and their clients, and 24-hour trading and cross-border collateral transfers. The announcement also explains that throughout the entire test period, Japan Government Bonds will retain their legal status as registered securities.
### Financial Services Agency Approval Framework and Completion Timeline
According to Monday’s announcement, the Financial Services Agency of Japan officially approved this pilot in February 2026 under its Payment Innovation Project (PIP) framework, and will assess whether changes to Japanese law are needed to allow fully blockchain-based bond transactions. According to a report by Nikkei, the four parties plan to complete the relevant trial work by the end of September 2026.
### Frequently Asked Questions
#### Which four institutions are participating in this Canton Network Japanese government bond trial?
According to the joint announcement dated April 21, 2026, the participating institutions are Mizuho Financial Group, Nomura Holdings, JSCC (a wholly owned subsidiary of Japan Exchange Group), and Digital Asset, the provider of the Canton Network technology platform.
#### When did the Financial Services Agency approve this pilot, and what regulatory framework applies?
According to Monday’s announcement, the Financial Services Agency of Japan officially approved this pilot in February 2026 under its Payment Innovation Project (PIP) framework, and will further review whether changes to Japanese law are needed to support fully blockchain-based bond trading.
#### What is the expected completion timeline for this trial?
According to a report by Nikkei, the four parties plan to complete this Canton Network Japan Government Bond collateral management trial by the end of September 2026.
