Mizuho, Nomura and partners launch blockchain trial for bond collateral

The project will test whether the transfer of rights and updates to book-entry transfer records can be executed using blockchain.

Mizuho Financial Group, Nomura Holdings, Japan Securities Clearing Corporation, and Digital Asset Holdings have launched a proof-of-concept trial to enhance collateral management of Japanese government bonds.

The proof-of-concept makes use of the Canton Network, a blockchain built for institutional finance, the four firms said in a joint statement released on 20 April 2026.

The project will verify, from both legal and practical perspectives, whether the transfer of rights and updates to book-entry transfer records within a hierarchical structure involving multiple account management institutions can be executed seamlessly using blockchain technology.

It also covers cross-border transactions involving stakeholders in and outside Japan, verifying use cases involving the transfer of collateral amongst various entities—including clearing houses, institutional investors, clients, and agents.