SBI Holdings Drives Japan's Tokenization Push with Yen Coins and Stablecoins

Japan is aggressively moving towards tokenization, introducing yen coins for remittances and securities trading. SBI Holdings, seen as the most aggressive in Web3 and digital assets, is building a structure that links its banking, trust, securities, asset management, and exchange units to cover everything from coin issuance to asset trading and payments.

SBI's strategy sets it apart because it holds within itself all the functions needed for tokenization. The group uses different blockchains for different businesses, such as the XRP Ledger for remittances and payments, the Canton Network for interbank transactions, and Solana for products aimed at overseas investors.

SBI has launched JPYSC, a trust-type yen stablecoin developed by the Startale Group. The coin can be used for large-scale business-to-business payments and even cross-border remittances. SBI VC Trade handles USDC, issued by U.S.-based Circle, and RLUSD, issued by a Ripple affiliate.

The move toward on-chain finance is spreading beyond SBI to Japan's financial sector as a whole. Japan's three megabanks, Mitsubishi UFJ, Mizuho, and Sumitomo Mitsui Banking Corp. (SMBC), have set a goal of beginning live transactions using a jointly issued trust-type stablecoin by the end of March 2027.