SBI Holdings, one of Japan’s largest financial conglomerates, has partnered with Ondo Finance to tokenize Japanese equities, marking another major milestone in the country’s push toward blockchain-powered capital markets. Under the agreement, Ondo Global Markets will issue tokenized representations of Japanese stocks, while SBI will distribute the products across its extensive financial network. The partnership will also use SBI’s JPYSC, Japan’s first trust bank-backed yen stablecoin, for on-chain settlement and collateral, creating an integrated ecosystem for tokenized securities.
The announcement builds on SBI’s aggressive expansion into on-chain finance. In recent weeks, the company launched its JPYSC stablecoin, partnered with the Solana Foundation to develop a blockchain-based financial market in Japan, invested in institutional crypto infrastructure, and acquired one of Japan’s largest cryptocy exchanges. The collaboration with Ondo extends that strategy into tokenized equities, one of the fastest-growing segments of the real-world asset (RWA) market.
The partnership is designed to modernize how investors access Japanese stocks through blockchain infrastructure.
The companies will work together to:
Rather than creating synthetic products, the initiative aims to issue regulated tokenized securities that represent underlying Japanese equities.
A key component of the partnership is JPYSC, SBI’s newly launched trust bank-backed yen stablecoin.
Unlike many tokenization projects that rely on U.S. dollar stablecoins, this initiative uses a yen-denominated digital settlement asset, allowing Japanese investors to transact in their local cy while reducing foreign exchange friction.
SBI plans to use JPYSC for:
The move positions JPYSC as foundational infrastructure for Japan’s growing tokenized financial ecosystem.
For Ondo Finance, the agreement represents another significant expansion of its institutional tokenization business.
The company has rapidly become one of the leading providers of tokenized financial products, including:
Partnering with SBI provides Ondo access to one of Asia’s largest financial services networks and millions of potential investors across Japan.
The Ondo partnership is part of a much broader blockchain strategy being executed by SBI.
Recent initiatives include:
Rather than treating blockchain as a standalone business, SBI is integrating tokenized assets, stablecoins, exchanges, and settlement infrastructure into a unified financial ecosystem.
Japan has emerged as one of the world’s most active jurisdictions for regulated blockchain finance.
Combined with the country’s recent decision to classify cryptocurrencies as financial assets and reduce crypto taxes, the SBI-Ondo partnership demonstrates Japan’s commitment to modernizing capital markets through blockchain technology.
The initiative also aligns with the broader global trend of bringing traditional securities on-chain to improve settlement efficiency, transparency, and investor access.
The partnership follows several major tokenization announcements across global finance, including initiatives involving DTCC, BlackRock, Can
Together, these projects are expanding blockchain adoption across:
As financial institutions continue embracing tokenization, blockchain is increasingly becoming core infrastructure for traditional capital markets.
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