Japan’s SBI Group and Ondo Finance have struck a partnership to tokenize Japanese equities and settle transactions using SBI’s newly minted yen stablecoin, JPYSC. The deal, announced on July 16, represents one of the most significant bridges yet between traditional Asian capital markets and onchain finance infrastructure.
What the partnership actually looks like
Under the agreement, Ondo Global Markets (BVI) Limited will handle the issuance of tokenized Japanese assets. SBI’s sprawling ecosystem of financial services will then distribute those tokens, giving investors access to Japanese stocks through onchain rails rather than traditional brokerage accounts.
The settlement layer is equally notable. SBI launched JPYSC on June 24, making it Japan’s first trust bank-backed yen stablecoin. Issued by SBI Shinsei Trust Bank with an initial capital of ¥10 billion, the stablecoin operates primarily on Ethereum and is designed to serve as both a payment mechanism and collateral instrument for tokenized asset transactions.
Ondo CEO Ian De Bode framed SBI’s involvement as a validation of the entire tokenization thesis.
