Catenaa, Wednesday, July 22, 2026-SBI Holdings has partnered with Ondo Finance to tokenize Japanese equities and settle transactions using its JPYSC stablecoin, advancing the Japanese financial conglomerate’s plan to build an institutionally connected onchain capital market.
The companies intend to offer tokenized Japanese assets through Ondo’s platform, distribute Ondo products through SBI’s financial network and examine the use of JPYSC for settlement and collateral.
The agreement potentially creates a two-way financial corridor. International investors could gain blockchain-based access to Japanese assets, while SBI customers could access tokenized overseas securities through the group’s existing distribution channels.
Specific products, customers, jurisdictions and launch dates will be determined after the companies complete the necessary legal, regulatory and operational procedures.
The Ondo agreement is more significant than an isolated stock-tokenization project.
SBI is assembling the separate components required to support an onchain financial market, including tokenized securities, regulated exchanges, yen-denominated settlement, lending, institutional liquidity and public blockchain infrastructure.
Traditional capital markets rely on multiple institutions to issue assets, execute transactions, provide custody, manage collateral and complete settlement.
SBI’s strategy appears designed to connect those functions through a common digital asset ecosystem.
The addition of Japanese equities gives that infrastructure a potentially valuable category of underlying assets. Japan has one of the world’s largest and most developed capital markets, but blockchain-based access to its securities remains limited.
Ondo could provide the tokenization and international distribution technology, while SBI contributes regulated financial businesses, customers and domestic market access.
JPYSC is central to the partnership’s longer-term implications.
The trust-backed yen stablecoin is being considered as both a settlement asset and collateral for tokenized products. That could allow securities and their cash leg to operate within the same blockchain environment.
Using a yen-denominated stablecoin could reduce dependence on dollar stablecoins when Japanese assets are issued, traded or financed onchain.
It may also address one of tokenization’s persistent weaknesses. Putting a security on a blockchain does not necessarily modernize the full transaction when the payment and settlement process still depends on slower banking systems.
A regulated yen token could enable asset transfers and payments to be coordinated more closely, potentially reducing settlement friction and counterparty exposure.
SBI VC Trade began accepting applications for a JPYSC lending service on July 16. The product allows customers to lend the trust-backed stablecoin in exchange for a fee, adding another possible source of utility and liquidity.
The partnership is intended to move assets in both directions.
Japanese equities and other domestic assets could be tokenized and distributed through Ondo’s global platform. Ondo’s existing products could also be introduced across SBI’s ecosystem.
Ondo Stocks, previously known as Ondo Global Markets, offers blockchain-based products linked to listed shares and exchange-traded funds. SBI said the platform gives eligible investors outside the US access to products backed by US-listed securities.
The model could expand Japan’s investor base by making eligible Japanese assets available through wallets, exchanges and other blockchain platforms.
At the same time, SBI’s distribution network could provide Ondo with access to Japanese financial customers through a regulated conglomerate rather than relying solely on crypto-native channels.
That combination separates the agreement from tokenization projects that create blockchain representations of assets without developing sufficient distribution or settlement infrastructure.
The Ondo partnership follows an unusually concentrated series of digital asset moves by SBI.
On July 13, SBI announced a strategic partnership with the Solana Foundation to develop a Japan-based onchain financial market for real-world assets and stablecoins.
The arrangement includes Solana Foundation participation in an SBI and SMFG-backed company expected to support the strategy. ([SBI Group][4])
Two days later, SBI Global Asset Management announced the public-blockchain tokenization of a Japanese high-dividend equity fund through Singapore-regulated DigiFT.
The project uses a private fund linked to an existing SBI-managed master fund and is intended to provide international investors with blockchain-based access to Japanese equities. ([SBI Group][5])
SBI has also invested in institutional digital asset infrastructure.
The company led EDX Markets’ $76 million Series C financing round, supporting a platform that combines institutional crypto trading with central clearing.
These initiatives suggest SBI is attempting to build a connected financial network rather than accumulate a loose collection of blockchain investments.
Financial institutions are increasingly treating tokenization as a market-infrastructure strategy.
Tokenized securities can potentially improve distribution, collateral mobility, transaction transparency and settlement. Their commercial value, however, depends on enforceable investor rights, reliable custody and sufficient liquidity.
Ondo has been working to connect tokenized assets with established market infrastructure.
In July, the company announced tokenized US securities linked to securities held within Depository Trust Company infrastructure. It also introduced governance and shareholder communications through Broadridge for certain tokenized products. ([Ondo Finance][7])
The SBI partnership extends that model into Japanese assets and introduces a yen-based settlement component.
This could place SBI in competition with banks, exchanges and asset managers building similar systems across the US, Europe, Hong Kong and Singapore.
The announcement does not mean Japanese stocks will immediately become available worldwide.
Tokenized equities remain securities or regulated financial instruments in many jurisdictions, regardless of whether they are recorded on a blockchain.
Their distribution may be restricted by investor eligibility, securities registration, licensing, custody and cross-border marketing requirements.
SBI and Ondo acknowledged that the final structure, geographic reach and launch schedule will depend on applicable laws and regulatory procedures.
That caution is important because tokenization cannot eliminate the legal rights and obligations attached to the underlying asset.
The strongest platforms are therefore likely to be those that combine blockchain efficiency with established financial regulation and enforceable ownership structures.
SBI now has many of the components needed for an onchain capital market.
Its network includes exchanges, securities businesses, asset management, stablecoin infrastructure, lending products, institutional market investments and partnerships with major blockchain and tokenization providers.
The next test will be whether those components can function as a unified market.
That requires tokenized Japanese securities with sufficient investor demand, JPYSC liquidity, compliant cross-border distribution and infrastructure capable of linking asset issuance with settlement and collateral.
The Ondo partnership moves SBI closer to that objective.
Instead of simply placing Japanese stocks on a blockchain, SBI is attempting to build a yen-denominated financial corridor connecting Japan’s conventional capital markets with the global tokenized economy.
SBI Holdings operates across banking, securities, asset management, insurance and digital assets. The group has expanded its cryptocurrency services through exchanges, stablecoins and institutional investments. SBI VC Trade reported more than 2 million registered crypto accounts as of July 6, reflecting the size of the conglomerate’s domestic digital asset distribution base. Ondo Finance develops tokenized securities and real-world asset products intended to connect conventional investments with public blockchain infrastructure.
