Bank of Japan Deputy Governor Ryozo Himino has called for a unified framework to integrate central bank money, bank deposits, stablecoins, and tokenized deposits into a cohesive system. Speaking at the Japan Society of Monetary Economics on May 16, Himino emphasized the need to treat these forms of money as interconnected rather than separate regulatory challenges. He warned that the proliferation of digital currencies could lead to a fragmented monetary system if not properly regulated. Himino's proposal centers on the "singleness of money" principle, advocating for seamless interchangeability of all money forms at face value. He suggests a comprehensive policy framework that combines monetary policy, financial stability oversight, and payments regulation. Japan's existing regulatory framework for stablecoins, which mandates full fiat backing, and its ongoing digital yen pilot are part of this broader strategy. Himino's stance indicates support for stablecoins and tokenized deposits, provided they maintain full convertibility with central bank money.