Ondo Finance, a leading real-world asset (RWA) tokenization platform, has recently announced a strategic partnership with Japanese financial giant SBI Holdings to bring Japanese equities onchain. The collaboration, revealed on July 16, 2026, will see Ondo Global Markets (BVI) Limited issue tokenized Japanese assets, which will then be distributed through SBI's extensive financial ecosystem.

Bridging Traditional and Onchain Finance

This landmark partnership aims to connect Japan's sophisticated capital markets with the burgeoning global tokenized economy. Under the agreement, the newly issued tokenized Japanese equities will leverage SBI's JPYSC stablecoin for both onchain settlement and collateral. JPYSC, launched by SBI Shinsei Trust Bank on June 24, 2026, is notable as Japan's first trust bank-backed yen stablecoin, operating primarily on the Ethereum blockchain with an initial capital of ¥10 billion.

The initiative is designed to provide investors with access to Japanese stocks via onchain rails, bypassing traditional brokerage accounts. Ondo Finance CEO Ian De Bode emphasized the significance of SBI's involvement in one of the world's most advanced markets, calling the collaboration a vital step towards creating a global corridor for digital assets.

Strategic Distribution and Settlement

The partnership outlines a clear division of roles: Ondo Global Markets (BVI) Limited will be responsible for the issuance of the tokenized Japanese assets, while SBI Holdings will utilize its vast network across banking, securities, and insurance to distribute these products to millions of potential investors. This synergy combines Ondo's proven tokenization infrastructure with SBI's regulatory credibility and broad distribution capabilities.

The integration of JPYSC as the settlement layer is particularly crucial, as it provides yen-denominated settlement, addressing a key friction point for domestic Japanese investors who have historically shown reluctance towards dollar-denominated stablecoins. SBI Holdings, with over $250 billion in assets under management, brings substantial institutional weight to the venture.

Background and Context

SBI Holdings has been a proactive force in the digital asset space, consistently expanding its onchain finance initiatives. The conglomerate previously partnered with Chainlink in 2025 to bring traditional assets onchain and has made strategic investments in blockchain infrastructure through Startale. The launch of JPYSC in June 2026 was a logical progression, establishing a foundational stablecoin for its burgeoning digital asset ecosystem. Ondo Finance, for its part, has established itself as a leader in RWA tokenization, with a strong track record in tokenizing US Treasuries and a significant presence in the tokenized equities market, reportedly controlling nearly 60% of the global tokenized equity market.

What to Watch

The collaboration between Ondo Finance and SBI Holdings sets a precedent for how traditional financial markets in Asia can integrate with the global tokenized economy. Investors and market observers will be keen to watch the rollout of these tokenized Japanese equities and the adoption rate of JPYSC for settlement. A fireside chat featuring Ondo CEO Ian De Bode and SBI Onchain's Kefei Lin is scheduled at WebX 2026 in Tokyo, where more details on the onchain financial rails are expected to be unveiled. This partnership could pave the way for further tokenization efforts in Japan and potentially influence other major financial markets to explore similar onchain integrations.

Original announcement: SBI Holdings