A major Japanese financial conglomerate, SBI Holdings, has entered a strategic partnership with Ondo Finance, one of the largest real-world asset (RWA) tokenization firms, to explore bringing Japanese financial assets on-chain.
Announced on July 16, the collaboration will focus on tokenizing Japanese assets, including equities, while evaluating the use of SBI’s JPYSC stablecoin for settlement and collateral purposes.
SBI Holdings Teams Up With Ondo Finance to Bring Japanese Assets On-Chain
Under the agreement, SBI plans to tokenize Japanese assets, including Japanese stocks, for distribution on Ondo’s platform, while Ondo’s existing tokenized products would become available across SBI Group’s businesses.
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Both companies said they will explore using JPYSC, SBI’s trust-backed yen stablecoin, for on-chain settlement and as collateral in these token transactions.
JPYSC launched in June 2026 as Japan’s first trust-type yen stablecoin, registered as a No. 3 electronic payment instrument with no cap on large transfers. It is currently available through SBI VC Trade.
Ondo Finance operates tokenization infrastructure across 12 blockchains and reported roughly $3.6 billion in total value locked.
The firm recently launched the first U.S. custodial tokenized securities product covering a BlackRock S&P 500 ETF and Micron shares on Ethereum, operating under an SEC-compliant third-party custody model.
How Does the Partnership Fit Into Japan’s Tokenization Strategy?
Japan is home to one of the world’s premier capital markets, with international investors showing growing appetite for Japanese equities and other financial assets.
SBI cited growing global demand for tokenized RWA and said Japan’s capital markets need better infrastructure to support foreign investor access and on-chain yen settlement.
Specific product offerings, target customers, regions, and launch timing will be determined based on applicable regulations, the companies said.
Why This Matters
Ondo Finance gains access to Japan’s equity market and SBI’s distribution network, a major expansion opportunity beyond its existing US-stock tokenization business. SBI Group positions itself as Japan’s on-chain finance gateway, adds a use case for its JPYSC stablecoin, and can offer clients access to Ondo’s tokenized US assets (ETFs, equities) through its own ecosystem.
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