A closed-door exchange on Japan’s real-world assets, stablecoins and the BNB ecosystem was held on July 13, 2026, during WebX at Toranomon Alcea Tower Conference in Tokyo. The event was hosted by ASIAN STAR, co-organized with Hash Global, and supported by BNB Chain as the blockchain ecosystem partner. Participants included Japanese traditional financial institutions, listed companies, real-world asset owners, stablecoin issuers and Web3 infrastructure teams. Discussions centered on RWA tokenization, stablecoin settlement, global distribution and institutional onchain finance.
From tokenized assets to institutional financial infrastructure
In opening remarks, ASIAN STAR Chairman Wu Wenwei said Japan has a base of high-quality real-world assets with stable cash flow and credit characteristics, including real estate, real estate trusts, fund interests and REIT-related assets. He said ASIAN STAR sees RWA not as simple token issuance, but as asset digitization and global distribution under a compliant structure. Governance, valuation, disclosure, KYC/AML and investor suitability management, he said, are necessary foundations if Japanese assets are to connect with global onchain finance.
During a keynote session, Sean Wu spoke about the liquidity potential of Japan’s roughly 300 trillion yen real estate market. He outlined ASIAN STAR’s approach using structures such as Japan’s GK-TK framework for asset segregation, tax efficiency and compliance management. He also described a model that would combine those structures with BNB Chain’s low-cost settlement, institutional-grade custody and DeFi protocols, allowing real estate and trust interests to support automated yield distribution, collateralized financing and reinvestment. The report noted that related market size and yield data were shared on site.
Zach, speaking for BNB Chain, said the RWA sector is moving away from explaining what RWA is and toward answering how to scale it. In his view, tokenized assets with real financial value should not remain only as digital certificates in wallets. They need to be usable in actual financial scenarios such as collateral, lending, payments and settlement. BNB Chain, he said, wants to provide Japanese assets with more efficient distribution and application infrastructure through its global user network, stablecoin ecosystem and onchain liquidity.
Hash Global founder KK presented what he described as a collaborative framework built around “high-quality Japanese assets + U.S. dollar / Japanese yen stablecoins + BNB Chain global liquidity.” Under that setup, the Japanese market would be responsible for asset authenticity, compliance and investor protection, while public blockchain infrastructure would provide international distribution, settlement efficiency and follow-on liquidity. KK also described BNB as a “value-utility token” with both value capture and practical use, and said it is gradually becoming one of the core base assets in open finance.
Kimio Mikazuki, representative director and CEO of Osaka Digital Exchange, shared an update on Japan’s security token market. According to his remarks at the event, cumulative issuance in Japan’s security token market stands at about 350 billion yen, made up mainly of real estate beneficiary securities and corporate bonds. He also said the market still relies heavily on private chains and distribution through traditional brokerages, leaving significant room to expand links with global Web3 users, public blockchain ecosystems and onchain secondary liquidity.
Liquidity starts with trust, compliance and asset quality
The first panel, titled “Real-World Asset Tokenization and the Boundaries of Compliance,” was moderated by Antalpha Japan head Zhou Ruoyun. Participants were Kimio Mikazuki, DigiFT founder and group CEO Henry, Ondo Finance head of institutional business for Asia-Pacific and the Middle East and North Africa Kunaal, and Asseto CEO Bridget.
A shared conclusion from the panel was that putting an asset onchain is not the end point. Liquidity, the speakers said, begins with credible underlying assets and genuine two-way trading demand. It also depends on clear regulation, licensed partners, institutional custody, disclosure, cross-market distribution and market-making mechanisms.
Panelists also said compliance should not be treated only as a cost or a restriction. They framed it as infrastructure for institutional capital entry, asset security and accountability. For RWA projects, they said teams should first validate asset quality, product-market fit and global distribution capability, then choose the tokenization structure that matches those needs, rather than tokenizing for its own sake.
Stablecoins seen as the settlement layer linking Japanese assets with global capital
The second panel focused on “Stablecoins, Onchain Settlement and Global Liquidity.” It was moderated by KK, with HashPort founder and CEO Yoshida Seihaku, BNB Chain representative Jong and United Stables CEO Athena Yu taking part. Discussion centered on how yen stablecoins could develop from a domestic payment tool into a channel for cross-border settlement and global distribution of Japanese assets.
The panelists said trust is the primary requirement for stablecoins. That trust includes brand, licensing, AML systems, reserve management, and predictable minting and redemption mechanisms. On top of that, issuers also need dependable fiat on- and off-ramps, cross-currency liquidity pools and partner distribution networks. As yen stablecoin supply and use cases expand, participants said they could form a more efficient onchain settlement loop with Japanese real estate, listed equities and money market funds.
On the conditions required for pilot RWA projects in Japan, speakers said the first batch of projects would need licensed partners, compliance and privacy tools, institutional custody, investor suitability management, stablecoin settlement, fiat channels, and real plans for global distribution and secondary liquidity. They described high-quality assets, credible institutions and a relatively clear regulatory base as Japan’s core strengths. Connecting global onchain users and capital, they said, is the next issue that needs to be solved.
ASIAN STAR and Hash Global sign a strategic MOU
The event ended with a strategic MOU signing ceremony between ASIAN STAR and Hash Global. Wu Wenwei and KK signed and exchanged documents on behalf of the two sides. Based on information released at the venue, the companies will cooperate on the development of a Japanese real estate fund project within the BNB Chain ecosystem, exploring coordinated paths for compliant asset issuance, onchain settlement, global distribution and liquidity building.
The report said the closed-door session continued discussions that had followed the Hong Kong BNB institutional forum. It also created a more concrete channel for dialogue among Japanese traditional financial institutions, asset owners, stablecoin issuers and public blockchain participants. As regulation, institutional participation and onchain infrastructure continue to mature, the opportunity for RWA in Japan is no longer limited to digitizing assets. The discussion has widened to building institutional financial infrastructure that covers issuance, settlement, distribution, trading, collateralization and asset management. ASIAN STAR, Hash Global and partners in the BNB Chain ecosystem said they will continue working to connect high-quality Japanese assets with global Web3 capital and support broader onchain use of real-world assets.