Japan’s SBI partners with Solana on stablecoins, RWAs, payments

SBI Holdings and the Solana Foundation have formed a strategic partnership to develop an onchain financial market based in Japan. 

Under the agreement, the foundation will join SBI R3 Japan alongside SBI and Sumitomo Mitsui Financial Group, one of Japan’s major banking groups. The company plans to change its name to SBI Solana Global, subject to the required corporate process. The partners announced the arrangement on July 13.

The venture will use Solana as its main blockchain infrastructure. SBI said the project will connect Japan’s financial assets, regulated institutions and legal framework with international blockchain markets. 

The group said it aims to make Japan “a core hub for onchain finance in Asia.” That remains a business target. The announcement did not provide revenue forecasts, launch volumes or client commitments. It also did not say whether the renamed company will end any existing Corda-related work.

Stablecoins and tokenized assets lead the plan

SBI Solana Global plans to support the issuance and distribution of yen stablecoins, including JPYSC. It will also work on tokenized corporate bonds, commercial paper, investment funds and real estate. 

The company aims to provide one system for issuance, distribution and settlement rather than offering blockchain technology alone. This structure could allow issuers to manage an asset through its full onchain life cycle.

The partners also listed cross-border payments, institutional onchain services and payment systems for AI agents among their planned business areas. The statement did not give launch dates for each product. It also did not explain which services will require separate approval from Japanese regulators. Any live offering will need to follow local rules for stablecoins, securities, custody and financial market operations.

SBI expands its regulated digital asset network

The Solana deal adds to SBI’s wider digital asset program. As crypto.news reported, SBI and Startale developed a regulated yen stablecoin for payments, tokenized assets and onchain settlement. SBI also worked with Ripple to launch the dollar-backed RLUSD stablecoin in Japan through SBI VC Trade after regulatory approval.

SBI is also moving to acquire Bitbank, one of Japan’s established crypto exchanges. As previously reported, the planned ¥46.7 billion transaction would add trading, custody and lending services to SBI’s existing network. The Solana partnership creates another route for SBI to connect stablecoins and tokenized securities with institutional markets. However, the companies have not announced whether Bitbank or SBI VC Trade will distribute SBI Solana Global products.

Solana gains another institutional finance partner

The partnership arrives as tokenized asset activity grows on Solana. As previously reported, the network recorded $5.77 billion in tokenized-asset spot volume during a record quarter and processed more than one billion weekly non-vote transactions. Solana has also attracted stablecoin settlement, tokenized equities and institutional trading projects, though activity levels can change with market conditions.

SBI and the Solana Foundation said they want to extend Japan-originated products into Asian and global markets. A “Japan-originated digital financial asset market” is the stated direction, but the partners have not named overseas markets, banking partners or settlement corridors. 

They also did not disclose the size of the Solana Foundation’s investment. Their next steps will center on the company rename, product development and regulatory work needed to move stablecoins, tokenized assets and payments into live use.