Ondo Finance partners with SBI Holdings to tokenize Japanese equities

Ondo Finance has partnered with Japan’s SBI Group to bring Japanese equities onto the blockchain and settle trades using SBI’s yen-backed stablecoin, in a deal aimed at giving SBI’s customers a way to buy Japanese stocks via the blockchain.

The partnership pairs a US-based tokenization firm with one of Japan’s largest financial firms, moving a major Asian capital market straight onchain, with settlement denominated in yen instead of U.S. dollars.

Partnership to bring mutual benefits

Ondo Global Markets (BVI) Limited will issue the tokenized Japanese assets, according to Ondo’s blog post announcing the partnership. SBI then distributes those tokens across its network of banking, securities, and insurance businesses, which the company says reaches millions of customers.

The companies will use JPYSC, SBI’s yen stablecoin, as the settlement and collateral asset for Ondo’s tokenized products. They will also cross-promote each other’s products through their respective customer channels and strategic partners.

The arrangement is set to run with mutual benefits, opening Japanese assets to global investors while bringing Ondo’s tokenized products to investors inside Japan.

SBI and Ondo inculcate yen stablecoin

SBI launched the JPYSC stablecoinon June 24, and it is Japan’s first yen stablecoin backed by a trust bank. SBI Shinsei Trust Bank issued it with ¥10 billion in initial capital, and the stablecoin runs mainly on Ethereum.

The Japanese Financial Services Agency oversees the regulation that allows SBI to issue the stablecoin through its own coffers instead of via an offshore entity.

Japanese users have been reluctant to transact in dollar stablecoins such as USDT or USDC, and JPYSC lets them make trades in their own currency.

The executives have their say

Ondo CEO Ian De Bode tied the deal to Japan’s standing in global finance. “Japan is one of the most sophisticated capital markets in the world, and SBI sits at the center of it. This collaboration creates a path to bring Japanese assets onchain and to connect Japan with the global tokenized economy,” he said in Ondo’s announcement.

SBI Holdings Chairman and CEO Yoshitaka Kitao stated that Ondo was a strategic fit for SBI’s digital asset plans. “Ondo Finance has established itself as a global leader in the tokenization of real-world assets and is at the forefront of the tokenized equities market. We believe Ondo will be a key strategic partner as SBI Group forms a global corridor for digital assets,” Kitao said.

SBI, boasting more than $250 billion in assets held, had previously partnered with Chainlink in 2025 to bring traditional assets onchain. The JPYSC stablecoin has helped the Japanese financial firm with its own settlement currency to solidify these onchain efforts.

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