SBI's Blockchain Gambit: Bridging Traditional Finance and the Future of Digital Assets

Japan’s SBI Holdings, one of the country’s largest blockchain investors, has announced a series of strategic blockchain collaborations with prominent firms including Circle, Ripple, and Startale. These partnerships are aimed at expanding the use of stablecoins and advancing the tokenization of real-world assets (RWAs) in Japan and globally.

SBI has entered into a joint venture with Circle, the issuer of USDC, to promote the adoption of the stablecoin in Japan. This collaboration complements SBI’s prior agreement with Ripple, which involves distributing Ripple’s RLUSD stablecoin through its crypto exchange subsidiary, SBI VC Trade. The Ripple partnership, formalized via a memorandum of understanding, is expected to launch RLUSD in Japan by early 2026. SBI VC Trade has already received the first license in Japan for handling foreign-issued stablecoins, enabling it to distribute USDC and RLUSD in compliance with the country’s evolving regulatory framework.

In parallel, SBI is working with Singapore-based Web3 firm Startale to develop an onchain trading platform for tokenized stocks and RWAs. The joint venture will enable 24/7 trading of tokenized assets and aims to enhance liquidity and capital efficiency by leveraging Startale’s blockchain technology. SBI CEO Yoshitaka Kitao emphasized that the convergence of traditional finance and decentralized finance (DeFi) is likely to accelerate as a result of this initiative. While the technical architecture of the platform remains undisclosed, the project is backed by milestone-based funding and is expected to launch in the near future.

The move aligns with a broader trend in global financial markets, where major players like Robinhood, Kraken, and Gemini have also introduced tokenized stock offerings. These developments reflect growing institutional interest in the benefits of tokenization, including real-time settlement and increased market accessibility. SBI’s foray into this space is seen as a significant step in the digitization of capital markets, with Kitao predicting that the technology could eventually lead to the full digitalization of exchanges.

Regulatory developments in Japan have also facilitated the expansion of stablecoin adoption. The Payment Services Act, which came into effect in 2023, has created a licensing regime for electronic payment instruments, allowing foreign-issued stablecoins like RLUSD to enter the market. This regulatory clarity has positioned Japan as a favorable environment for blockchain innovation, attracting firms like Ripple to leverage SBI’s extensive retail and institutional reach to expand stablecoin availability.

SBI’s recent initiatives are part of a broader strategy to strengthen its blockchain ecosystem. In addition to its partnerships with Circle and Ripple, the company is exploring the use of stablecoins for security token settlement in collaboration with SMBC and other institutions. These efforts underscore SBI’s commitment to leveraging blockchain technology to redefine traditional financial infrastructure and expand its footprint in the digital asset space.

Source: [1] SBI Forms New Ties With Circle, Ripple And Startale (https://cointelegraph.com/news/sbi-japan-blockchain-partnership-circle-ripple-startale) [2] SBI Holdings, Startale announce RWA tokenized trading platform (https://www.ledgerinsights.com/sbi-holdings-startale-announce-rwa-tokenized-trading-platform/) [3] Japan's SBI Holdings Joins Tokenized Stock Push With Startale (https://www.coindesk.com/business/2025/08/21/japan-s-sbi-holdings-joins-tokenized-stock-push-with-startale-joint-venture) [4] Ripple and SBI to Launch RLUSD Stablecoin in Japan by Early 2026 (https://finance.yahoo.com/news/ripple-sbi-launch-rlusd-stablecoin-055619508.html) [5] SBI to Distribute Ripple's RLUSD in Japan as Part of Broader Stablecoin Push (https://www.ledgerinsights.com/sbi-to-distribute-ripples-rlusd-in-japan-as-part-of-broader-stablecoin-push/) [6] USDC Overview and Trading Insights (https://www.coinbase.com/price/usdc) [7] Singapore Bank DBS Debuts Tokenized Structured Notes on Ethereum (https://finance.yahoo.com/news/singapore-bank-dbs-debuts-tokenized-210134284.html)