Ondo, SBI to tokenize Japanese stocks, settle in JPY stablecoin

Ondo Finance and SBI Group announced on July 16, 2026 that they have agreed to tokenize Japanese equities through Ondo Global Markets (BVI) Limited and to settle transactions using JPYSC, SBI’s trust bank‑backed yen stablecoin.

Under the agreement, Ondo will issue digital securities via its BVI vehicle while SBI will distribute the tokenized products across its financial platforms to retail and institutional customers. The companies said they will run joint marketing and explore additional distribution through strategic partners.

Settlement and collateral for the tokenized shares will use JPYSC. SBI launched JPYSC on June 24, 2026 as a yen stablecoin backed by a trust bank and issued under Japan’s Payment Services Act. The firms said using a yen settlement asset is intended to align settlement currency with yen‑denominated underlying equities and to avoid foreign exchange conversion for yen‑managed portfolios.

The companies did not disclose which Japanese stocks will be tokenized first, a launch timetable, or how access will be structured for investors outside Japan. Participants described the announced setup as production infrastructure rather than a research pilot, indicating both firms intend the effort to be commercially deployable once regulatory and operational details are finalised.

The tokenized equities market has a total market capitalization of roughly $13 billion and represents about 15% of all tokenized assets. Market reaction to the partnership raised Ondo’s native token: ONDO rose about 15% to $0.393 on July 16, 2026, its highest price since mid‑June.

Ondo has previously issued tokenized exposure to U.S. assets and reports more than $3.7 billion in protocol total value locked across its products. SBI Group, which holds about $238 billion in consolidated assets across securities, banking, insurance and asset management, will provide local distribution and the yen settlement layer for access to Japan’s roughly $6 trillion equity market.

SBI has expanded its digital asset activity in June and July 2026. The firm launched JPYSC on June 24, became the sole investor in a $125 million Series C for Gauntlet, invested $75 million in EDX Markets, launched a tokenized Japanese equity fund on Solana, and signed a partnership with the Solana Foundation to develop on‑chain market infrastructure in Japan. SBI also operates SBI VC Trade, a retail crypto exchange active in distributing regulated stablecoin products following approvals from Japan’s financial authorities.

Ian De Bode, Ondo’s chief executive, commented, “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 on‑chain and to connect Japan with the global tokenized economy.” Yoshitaka Kitao, CEO of SBI Group, described Ondo as “a key strategic partner as SBI Group forms a global corridor for digital assets.”

Participants noted the partnership addresses two historical barriers to Japanese equity tokenization-local distribution and yen settlement-while regulatory approval, asset selection and access for non‑Japanese investors remain to be resolved.