SBI Partners With Ondo to Settle Tokenized Stocks in Yen Stablecoin
Real-world asset (RWA) tokenization has emerged as a major theme in global financial innovation in recent years. As of mid-July 2026, total value locked (TVL) at RWA leader Ondo Finance had exceeded $3.5 billion. Japanese financial giant SBI Group has formed a strategic alliance with Ondo to advance the tokenization of Japanese stocks, linking traditional capital markets with the blockchain ecosystem in a key milestone for financial transformation.
SBI Group and Ondo Finance formally announced their strategic partnership on July 16, 2026. The companies will use JPYSC, a trust-based yen stablecoin issued by SBI Shinsei Trust & Banking in June 2026, to settle tokenized Japanese stocks and serve as collateral. The partnership expands the yen's practical on-chain settlement use cases while creating a new gateway between international capital markets and the global DeFi ecosystem.
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The history behind this eventJapan's SBI and Startale Launch First Trust-Based Yen Stablecoin JPYSC
Japan amended its Payment Services Act in 2023 to regulate stablecoins as “electronic payment instruments.” SBI Holdings and Startale Group jointly developed JPYSC, with SBI Shinsei Trust & Banking managing reserves and issuing the token and SBI VC Trade handling distribution. Unlike stablecoins issued by fund transfer service providers, the trust-based structure is not subject to the ¥1 million limit. It targets cross-border settlement, real-world assets (RWAs) and AI agent payments.
The companies unveiled the JPYSC name and logo on February 27, 2026, and initially planned a second-quarter launch. It was formally issued on June 24 and is initially restricted to SBI VC Trade accounts, with transfers to external wallets not yet available. Technical and operational preparations are complete, but circulation on public blockchains and round-the-clock settlement for cross-border payments and tokenized assets will begin only after regulatory and tax treatment is clarified and authorities provide confirmation.
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