Summary
Japan's SBI Group ($238B+ in total assets) partnered with Ondo Finance to tokenize Japanese equities and settle transactions using SBI's newly minted yen stablecoin, JPYSC. Under the agreement, Ondo Global Markets (BVI) Limited will handle issuance of tokenized Japanese assets, while SBI's sprawling ecosystem of financial services — spanning securities, asset management, banking, and insurance — will distribute those tokens to millions of investors.
JPYSC, launched on June 24, 2026, is Japan's first trust bank-backed yen stablecoin, issued by SBI Shinsei Trust Bank with an initial capital of ¥10 billion. It operates primarily on Ethereum and is designed to serve as both a payment mechanism and collateral instrument for tokenized asset transactions. SBI Chairman Yoshitaka Kitao called Ondo "a key strategic partner" for SBI's digital asset corridor ambitions. Ondo CEO Ian De Bode described Japan as "one of the most sophisticated capital markets in the world." ONDO token jumped 15% to $0.393 on the announcement.
Key Facts
- SBI Group: $238B+ total assets; spans securities, asset management, banking, insurance
- Ondo Finance: largest global tokenizer of stocks; $1.8-1.9B market cap; $3.7B+ protocol TVL
- JPYSC: Japan's first trust bank-backed yen stablecoin; launched June 24, 2026
- Issuer: SBI Shinsei Trust Bank; initial capital ¥10 billion
- Blockchain: primarily Ethereum
- Use cases: settlement and collateral for tokenized Japanese equities
- Distribution: SBI's ecosystem (SBI Securities = one of Japan's largest online brokerages)
- SBI Chairman Kitao: "a vital step towards creating a global corridor for digital assets"
- Ondo CEO De Bode: "Japan is one of the most sophisticated capital markets in the world"
- ONDO token: jumped 15% to $0.393 on announcement
- Follows SBI's tokenized Japanese equity fund on Solana with DigiFT (JX token, July 15)
- Part of SBI's five-week buildout: JPYSC, Bitbank, EDX Markets, Solana Global, Coinhako, Ondo
Why It Matters
SBI's partnership with Ondo Finance represents one of the most significant bridges between traditional Asian capital markets and onchain finance. By using a yen-denominated stablecoin (JPYSC) rather than a dollar stablecoin, SBI removes FX friction for Japanese investors. The combination of SBI's regulatory credibility, distribution muscle, and trust bank-backed stablecoin with Ondo's tokenization infrastructure creates a template for how traditional financial institutions can bring local-currency assets onchain.