SBI Group has announced a strategic alliance with Ondo Finance to move Japanese equity trading onto blockchain rails through tokenization, with settlement and collateral handled through SBI’s yen stablecoin, JPYSC. The companies said the arrangement is meant to connect Japan’s capital markets with the broader global blockchain finance ecosystem.
Japanese equity tokens to be issued under Ondo structure
Ondo’s business has centered on tokenizing U.S. stocks and Treasuries in dollar terms, a model that helped establish it as the largest on-chain equities company globally.
Under the agreement with SBI, tokenized Japanese equity instruments will be issued by Ondo Global Markets (BVI) Limited. The issuer will use the same legal framework already applied to its existing U.S. tokenized securities products, according to the announcement, with compliance cited as a core part of the structure.
SBI Group will use its local channels, customer resources, and broader ecosystem in Japan to support distribution of Ondo’s tokenized products. The partnership is also expected to make it easier for Japanese investors to access this type of digital asset. Both sides will cross-promote products and services through their respective customer bases, channels, and strategic partners.
JPYSC replaces the usual dollar-based settlement model
A central change in the partnership is the currency used for settlement. Ondo Finance’s previous model focused mainly on dollar-denominated products and on-chain settlement through the dollar stablecoin USDC.
In this case, the two companies will use SBI’s JPYSC stablecoin as the settlement and collateral asset. The move links Ondo’s on-chain infrastructure to a yen settlement system for the first time, shifting away from its earlier reliance on a dollar-only model.
Executives outline the purpose of the tie-up
Ondo Finance CEO Ian De Bode said Japan is a mature capital market and that the partnership with SBI can provide a foundation for putting domestic Japanese assets on-chain. He added that the alliance can help connect Japan’s financial markets with the global tokenized economy.
SBI Holdings chairman and CEO Yoshitaka Kitao said Ondo has practical technical experience in real-world asset tokenization and described the partnership as an important strategy in SBI’s effort to build a global digital asset corridor.
How the two companies position the collaboration
Ondo Finance focuses on real-world asset tokenization, or RWA. Its Ondo Stocks platform offers tokenized access to compliant U.S.-listed equities and exchange-traded funds, or ETFs.
SBI Holdings is one of Japan’s major financial groups, with operations spanning securities, banking, insurance, asset management, and crypto assets. The two companies said the alliance is designed to combine traditional financial infrastructure with blockchain-based systems, broaden global investor access to Japanese assets, and lay groundwork for wider on-chain settlement use of the yen.