SBI Holdings announced on July 16 that it has reached a strategic partnership with U.S. RWA tokenization platform Ondo Finance. The plan is to tokenize assets such as Japanese stocks and bring them to Ondo’s on-chain platform, while also distributing Ondo’s tokenized products within the SBI ecosystem. Both sides also plan to use the trust-based Japanese yen stablecoin JPYSC as an on-chain settlement and collateral instrument.
SBI and Ondo Finance Partnership Announcement
SBI Holdings announced on July 16, 2026, that it has reached a strategic partnership with Ondo Finance. The specific areas of cooperation include two items: tokenizing assets such as Japanese stocks and integrating them into Ondo’s on-chain platform; and distributing Ondo’s tokenized products within the SBI ecosystem.
Ondo Finance CEO Ian De Bode said the purpose of the cooperation is to connect one of the world’s most mature capital markets with the tokenization economy. The scale and maturity of Japan’s capital markets make this linkage especially meaningful.
SBI Holdings President Yoshitaka Kitao said the SBI Group will quickly advance various initiatives, and that Ondo Finance will become an important strategic partner in building a global digital asset corridor for the group. Both sides said that the specific service scope, target customers, regions to be served, and launch timing will be gradually disclosed, subject to compliance with relevant laws and regulatory procedures.
JPYSC Design Features: Legal Status of a Trust-Based Yen Stablecoin and Suitability for Institutional Settlement
JPYSC is jointly developed by the SBI Group and Startale Group (supported by Sony and SBI). It was first issued on June 24, 2026, as Japan’s first yen stablecoin issued using a trust-based mechanism.
Under Japan’s Funds Settlement Act, yen stablecoins in the Japanese market have two different legal classifications. The common JPYC is the No. 1 electronic payment instrument issued by a funds-transfer business operator, and it is applicable to instant transactions on public chains, covering individuals and Web3 developers. JPYSC is the No. 3 electronic payment instrument issued by a trust bank. Its trust-based design means there is no issuance and redemption amount cap, making it especially suitable for large settlement and collateral operations by corporations and institutional investors.
In the SBI and Ondo cooperation framework, JPYSC is planned to serve as the primary on-chain settlement and collateral instrument for trading tokenized assets.
SBI Group’s Layout Record Over the Past Month
This cooperation is the latest move by the SBI Group in the on-chain finance space. Key layout milestones over the past month are as follows:
Gauntlet C Round: SBI became the sole investor in a Gauntlet financial risk custody platform round, raising up to $125 million.
EDX Markets C Round: SBI became the sole investor in a C round, raising up to $75 million for the crypto trading platform EDX Markets.
Bitbank Acquisition: In June 2026, SBI acquired the Japanese exchange Bitbank for nearly $289 million.
Solana Foundation Cooperation: SBI and the Solana Foundation will cooperate to jointly build an on-chain financial market in Japan.
Current Global Tokenized Stocks Market Scale
According to data from The Block, as of the time of reporting, the global tokenized stocks market cap is nearing $13 billion, or about 15% of the entire tokenized assets market. Asset-backed credit and U.S. Treasuries remain the largest asset categories within the tokenized assets space.
According to data on Ondo Finance’s official website, the platform currently supports 12 blockchains, with total locked value of about $3.6 billion, placing it at the leading position in the real-world assets (RWA) sector.
FAQ
How is JPYSC different from JPYC?
Both are yen stablecoins, but they have different legal classifications. JPYC is the No. 1 electronic payment instrument issued by a funds-transfer business operator, applicable to instant transactions on public chains, and targeted at individuals and Web3 developers. JPYSC is the No. 3 electronic payment instrument issued by a trust bank, with no amount cap, making it especially suitable for large settlement by corporations and institutional investors. JPYSC is Japan’s first yen stablecoin using a trust-based mechanism, first issued on June 24, 2026.
When will the specific services from the SBI and Ondo Finance partnership go live?
As of the July 16, 2026 announcement, both sides said that the specific service scope, target customers, regions to be served, and launch timing will be gradually disclosed, provided they comply with relevant laws and regulatory procedures; the latest launch schedule will follow official announcements from SBI and Ondo Finance.
What is the current scale of the global tokenized stocks market?
According to data from The Block, the global tokenized stocks market cap is nearing $13 billion, or about 15% of the entire tokenized assets market. Asset-backed credit and U.S. Treasuries remain larger in scale than tokenized stocks within the tokenized assets market.
