SBI Holdings has stepped up its digital-asset push through a string of deals that span Japanese retail trading, U.S. institutional market infrastructure, on-chain risk management and stablecoin distribution. In less than a month, the Japanese financial group agreed to acquire licensed exchange Bitbank for 46.7 billion yen, led EDX Markets’ $76 million Series C, made a sole $125 million investment in Gauntlet, and announced a strategic partnership with the Solana Foundation. The sequence marks a noticeable shift for SBI, which has historically favored joint ventures, strategic stakes and outright acquisitions rather than taking the lead in venture rounds. The transactions also line up with several layers of SBI’s broader strategy: retail access in Japan, institutional trading and settlement rails abroad, on-chain treasury and vault management, and a domestic market for regulated stablecoins and tokenized real-world assets. Analysts and investors interviewed by The Block said the company appears to be assembling financial “pipes” rather than simply adding crypto exposure, while SBI said the recent acquisitions, investments and partnerships are part of a group-wide move toward an on-chain transition.

SBI Holdings used the momentum around Tokyo’s WebX conference to highlight a broader shift in its digital-asset strategy: the Japanese financial group is no longer treating crypto trading, liquidity, tokenization and payments as separate business lines. Instead, it is assembling a layered on-chain finance system built around settlement, asset issuance, markets, treasury yield, distribution and investor access. Over the past month, SBI took part in Morpho’s $175 million financing, invested $125 million in Gauntlet, launched the yen stablecoin JPYSC and rolled out Ripple’s RLUSD in Japan. It has also expanded work with Startale on the Strium blockchain, set up tokenization initiatives with DigiFT, and entered a strategic partnership with the Solana Foundation. At the center of the plan are three stablecoins with different functions: JPYSC for domestic yen-linked flows, USDC for global on-chain liquidity, and RLUSD for institutional and cross-border use cases. Around that base, SBI is trying to connect tokenized securities, RWA infrastructure, lending markets and on-chain asset management. Many pieces are still in early stages, but the outline of SBI’s effort to rebuild settlement, issuance, trading, credit and asset management on-chain is becoming clearer.

Standard Chartered has partnered with B2C2 to connect global banking infrastructure with institutional-grade crypto liquidity, enabling regulated trading and settlement for Bitcoin and Ethereum. The move accelerates digital asset mainstreaming.

Ripple announced the global rollout of its USD-pegged stablecoin RLUSD via seven exchanges including Uphold, Bitstamp, and Bullish. Each token is 100% backed by U.S. dollar reserves and subject to monthly audits. Former FDIC Chair Sheila Bair and former Centre Consortium CEO David Puth join the advisory board, with B2C2 and Keyrock providing liquidity.

SoFi Technologies launches SoFi Big Business Banking, enabling enterprises to hold deposits and settle in fiat, SoFiUSD, and select cryptocurrencies 24/7 from a single nationally chartered bank. Initial partners include Cumberland, BitGo, Mastercard.

Ripple announces global launch of USD stablecoin RLUSD through partnerships with Uphold, Bitstamp, Bitso, Moonpay, Independent Reserve, Coinmena, and Bullish. Fully backed by USD reserves, with monthly audits and former FDIC chair Sheila Bair as advisor.

Ripple's RLUSD stablecoin has reached a circulating supply of 312 million tokens, yet its distribution remains extremely concentrated. The top 10 wallets control roughly 70% of the total supply, raising concerns about centralization and market stability.

Ripple's RLUSD stablecoin has surpassed 312 million tokens in circulation, yet the distribution remains highly concentrated: just 10 wallets control nearly 70% of all RLUSD. Ethereum holds 78% of supply, with the top 10 addresses dominating 89% on that chain.