SBI Holdings and the Solana Foundation are launching a joint venture, SBI Solana Global, to build an onchain financial market in Japan. The venture, which includes shareholder Sumitomo Mitsui Financial Group, will issue stablecoins like JPYSC and tokenize real-world assets on the Solana blockchain. The partnership aims to establish Japan as a core hub for onchain finance in Asia.
SBI Solana Global joint venture
- ▪As part of the venture, the Solana Foundation will take a stake in SBI R3 Japan, which will be renamed SBI Solana Global
- ▪SBI Holdings and the Solana Foundation have partnered to build an onchain financial market in Japan
- ▪Sumitomo Mitsui Financial Group (SMFG) is also a shareholder in the SBI Solana Global joint venture
- ▪The blockchain initiative previously centered around Corda, the permissioned blockchain developed by R3
Onchain financial products
- ▪The venture will structure and distribute tokenized real-world assets like corporate bonds, commercial paper, funds, and real estate
- ▪SBI Solana Global will support the issuance and distribution of stablecoins, including the yen-denominated JPYSC
- ▪The company plans to develop cross-border settlement infrastructure and payment systems for AI agents on the Solana network
Japan as Asian crypto hub
- ▪The venture intends to connect Japan's domestic market to global liquidity
- ▪Products from the venture will require clearance under Japan's regulations for stablecoins, securities, and market operations
- ▪The collaboration aims to establish Japan as a core hub for onchain finance in Asia
SBI digital asset expansion
- ▪SBI Holdings was the sole investor in Gauntlet's $125 million Series C and EDX Markets' $76 million Series C
- ▪SBI Holdings recently launched JPYSC, Japan's first trust bank-backed yen stablecoin
- ▪In June, SBI Holdings acquired Japanese crypto exchange Bitbank for approximately $289 million
Solana network growth
- ▪In a recent quarter, the Solana network recorded $5.77 billion in tokenized-asset spot volume
- ▪During the same period, the Solana network processed more than one billion weekly transactions
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