SBI Group, the Japanese financial conglomerate sitting on more than $238 billion in total assets, is teaming up with Ondo Finance to bring tokenized Japanese equities onchain. The partnership will use SBI’s JPYSC yen stablecoin for settlement and collateral, essentially building the plumbing for a tokenized stock market denominated in digital yen.
How the partnership works
The tokenized Japanese assets will be issued through Ondo Global Markets (BVI) Limited and distributed across SBI’s sprawling ecosystem. SBI isn’t some crypto-native startup experimenting with tokenization on the side. It’s a financial services empire spanning securities, asset management, banking, and insurance.
JPYSC, the settlement layer for this whole operation, is the first trust bank-backed yen stablecoin. SBI launched it on June 24, 2026, barely three weeks before this partnership was announced. The timing suggests that JPYSC was always designed with institutional use cases like this in mind.
For Ondo Finance, which claims to be the largest global tokenizer of stocks, the deal represents a major distribution unlock. Ondo’s governance token has a market cap hovering around $1.8 to $1.9 billion and a circulating supply of approximately 4.87 billion tokens.
