The Full Picture of the SBI × Ondo Partnership—A Two-Way Corridor Taking Japanese Stocks Global, Bringing Global Tokens to Japan, and Settling in JPYSC

The Framework: Four Areas of Collaboration, Designed as a Two-Way Street

The collaboration can be organized into four pillars: (1) tokenizing Japanese assets, including equities, and offering them to overseas investors through Ondo's onchain platform; (2) exploring the distribution of Ondo's existing tokenized products—such as US stock and ETF-linked tokens—through SBI Group's customer base in Japan; (3) evaluating JPYSC as the settlement currency and onchain collateral for tokenized products; and (4) cross-promotion and channel cooperation. Tokenized instruments will be issued by Ondo Global Markets (BVI) Limited. What stands out is the design: this is neither a pure import of foreign products nor a pure export of domestic assets, but a bidirectional "corridor." SBI Chairman and CEO Yoshitaka Kitao called Ondo "a vital strategic partner toward a global corridor for digital assets," while Ondo CEO Ian De Bode responded that "Japan is one of the most sophisticated capital markets in the world, and SBI sits at the center of it."

Who Is Ondo Finance? The World's Largest Stock Tokenizer

Ondo tokenizes financial instruments such as US Treasuries and equities for onchain distribution, operating across 12 blockchains with roughly $3.6 billion in total value locked. It runs "Ondo Stocks," a platform for tokens tracking US stocks and ETFs, and recently launched tokenized securities covering a BlackRock S&P 500 ETF under an SEC-compliant third-party custody model. Just one day before this announcement, Ondo also unveiled a collaboration with DTCC, the backbone of US securities settlement—evidence of rapidly deepening ties with traditional finance's core infrastructure. The ONDO token rose roughly 15–17% within 24 hours of the news, reflecting strong market expectations.

JPYSC as the Settlement Linchpin: A Major Deal Three Weeks After Launch

The operational key to this partnership is JPYSC. Issued by SBI Shinsei Trust Bank and distributed by SBI VC Trade, it is Japan's first trust-type yen stablecoin, launched on June 24. Registered as an electronic payment instrument under the amended Payment Services Act, it has no cap on large transfers and operates primarily on Ethereum. That JPYSC was designated as the settlement and collateral layer for an international tokenization partnership just three weeks after launch strongly suggests it was designed from the outset for institutional use cases. Note that JPYSC usage remains at the "under consideration" stage; product launch timing and target Japanese stock selections are yet to be announced.

A Chain of Moves: SBI's July Announcement Blitz

This partnership is not a one-off. On July 15, Japan enacted the amended Financial Instruments and Exchange Act formally classifying crypto assets as financial products; the same day, SBI-backed DigiFT announced the "JX Token" bringing Japanese equity strategies onchain, and SBI, DigiFT, and Startale disclosed a proof of concept for JPYSC settlement of a tokenized Japanese equity fund. In June, SBI invested in DeFi lending leader Morpho. The pattern is a rapid assembly of a three-layer stack—asset tokenization (Ondo, DigiFT), settlement (JPYSC), and lending/asset management (Morpho)—in lockstep with regulatory reform. Further details are expected at a WebX 2026 fireside chat featuring Ondo and SBI Onchain in August.

[Business Development Insights]

1. The two-way corridor creates both competitive pressure and opportunity for domestic brokers and asset managers: Overseas investors gain a direct path to tokenized Japanese equities, while domestic investors face an influx of tokenized US stocks. Japanese securities firms and asset managers now must choose which camp to align with for product handling, custody, and tax infrastructure.
2. Stablecoin winners will be decided by capturing settlement use cases early: JPYSC was embedded in a major partnership's settlement layer immediately after launch. In the yen stablecoin race (versus JPYC and others), the decisive metric is not issuance volume but real settlement demand—suggesting later entrants should pre-empt niche settlement domains such as real estate, gaming, or trade finance.
3. The BVI issuance structure warrants attention as both regulatory arbitrage and a domestic policy signpost: Issuing tokenized products via Ondo Global Markets (BVI) is a pragmatic route to reach overseas investors outside Japan's FIEA and Payment Services Act frameworks. With the FIEA amendment now classifying crypto assets as financial products, the potential migration to domestic issuance schemes—and the regulator's response—will be the dividing line for future business opportunities.

[Sources]

• NADA NEWS, "SBI Partners with US-based Ondo—Tokenizing Japanese Stocks for the World, Bringing Overseas Tokenized Products to Japan" https://www.nadanews.com/359892/
• SBI Holdings News Releases https://www.sbigroup.co.jp/news/
• Markets Media, "Ondo, SBI Group Bring Japanese Equities Onchain" https://www.marketsmedia.com/ondo-sbi-group-bring-japanese-equities-onchain/
• TheStreet Crypto, "Ondo Finance partners with SBI Group to bring Japanese stocks onchain" https://www.thestreet.com/crypto/markets/ondo-finance-partners-with-sbi-group-to-bring-japanese-stocks-onchain
• Crypto Briefing, "SBI Group partners with Ondo Finance to tokenize Japanese stocks using yen stablecoin" https://cryptobriefing.com/sbi-ondo-tokenize-japanese-stocks/
• DailyCoin, "SBI, Ondo Finance Partner to Tokenize Japanese Stocks and Assets" https://dailycoin.com/sbi-ondo-finance-partner-to-tokenize-japanese-stocks-and-assets/
• Blockhead, "Ondo Finance Partners with SBI Group to Tokenize Japanese Equities Using JPYSC" https://www.blockhead.co/2026/07/17/ondo-finance-partners-with-sbi-group-to-tokenize-japanese-equities-using-jpysc/