Japanese financial giant SBI Holdings and the Solana Foundation have partnered to build an onchain financial market in Japan, with plans to connect the country's financial assets to liquidity across Asia and global markets.
The strategic collaboration will focus on stablecoins and tokenized real-world assets, while also developing financial infrastructure for institutional investors, cross-border settlement and AI agents.
SBI Solana Global to Lead Onchain Expansion
As part of the collaboration, SBI plans to rename ‘SBI R3 Japan', a company backed by SBI Holdings and Sumitomo Mitsui Financial Group, to ‘SBI Solana Global’ and pursue a new growth strategy centered on deploying financial infrastructure on the Solana network.
The company will support the issuance and distribution of stablecoins, including SBI's yen-denominated $JPYSC stablecoin. It will also help structure and distribute tokenized corporate bonds, commercial papers, funds, and real estate.
Beyond asset issuance, SBI Solana Global plans to develop cross-border settlement infrastructure and provide onchain financial services for institutional investors. The company also identified next-generation payment infrastructure for the AI-agent era as another focus area.
SBI said the business will provide integrated support across technology, issuance, distribution and settlement as it works to grow an onchain financial market from Japan.
Partnership Follows $JPYSC Launch
The announcement comes roughly 3 weeks after SBI launched $JPYSC, Japan's first trust bank-backed yen stablecoin, on June 24. $JPYSC gives SBI an existing stablecoin product that could play a role in the new financial market. SBI Solana Global specifically named the stablecoin as one of the assets it plans to support for issuance and distribution.
The partnership also comes as stablecoins and RWAs gain a larger role in global financial markets. Onchain finance allows market participants to issue, distribute, and settle financial assets through blockchain networks.
SBI and the Solana Foundation aim to combine Japan's large pool of financial assets and established market participants with Solana's global network. The partners believe this could link Japan's domestic market more directly with global liquidity and strengthen the country's position as an onchain finance hub in Asia.
Japan Pushes Crypto Deeper Into Traditional Finance
Japan has spent recent years developing a regulatory framework that brings stablecoins and digital assets closer to its mainstream financial system. On April 10, the Japanese cabinet approved a bill that would classify crypto assets as financial instruments. The House of Representatives advanced the bill in June, and the legislation could take effect next year if it clears the House of Councillors.
The proposed framework would place crypto under a regulatory regime similar to stocks, introducing stricter trading rules. It could also pave the way for more favorable tax treatment. Japan could reduce the maximum tax rate on crypto gains from 55% to a flat 20%, bringing it in line with the rates on stocks and bonds.
The regulatory shift creates a notable backdrop for SBI and Solana's plans to develop regulated onchain financial infrastructure in the country.
Solana Foundation Expands Its Footprint Across Asia
The SBI partnership adds to a series of recent Solana Foundation initiatives across Asia. In late June, South Korea's KG Financial signed a memorandum of understanding with the Solana Foundation to bring stablecoin payments to its merchant network.
A day earlier, Toss Bank announced a strategic partnership with the foundation to test blockchain-based global remittance and settlement infrastructure.
Earlier in June, Kazakhstan's Alatau City also signed an agreement with the Solana Foundation to develop the city's innovation ecosystem, support technology startups, implement digital solutions, and train blockchain specialists.
SBI and the Solana Foundation now plan to use Japan as a base for deeper collaboration across Asia and global markets. Their latest partnership shifts the focus beyond individual blockchain products toward building financial infrastructure that could connect stablecoins, tokenized assets and institutional capital onchain.
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