SBI and Solana to launch Japan's first regulated on-chain markets in 2026

SBI Holdings, one of Japan's largest financial groups, is partnering with Solana to build regulated on-chain markets for stablecoins and tokenized assets.

SBI Holdings, one of Japan's largest financial groups, plans to develop on-chain markets for yen-denominated stablecoins, tokenized real-world assets and cross-border payments using Solana's blockchain, the companies said July 13.

"Japan's regulatory framework for digital assets provides a strong foundation for bringing institutional-grade financial services on-chain," a spokesperson for SBI Holdings said in the announcement.

The partnership covers multiple product verticals. SBI and Solana plan to issue JPY-denominated stablecoins, tokenize real-world assets such as bonds and real estate, and build cross-border payment rails for institutional clients. SBI's subsidiary will manage SOL treasury operations, and the group has designated Solana as its primary stablecoin network for institutional clients, according to the announcement.

The deal positions Solana as a core infrastructure layer for regulated finance in Japan, the world's third-largest economy. SBI Holdings, which is also Ripple's largest partner in the country, commands significant influence across Japanese financial services, and its backing could accelerate Solana-based stablecoin and RWA adoption among other Asian institutions. The companies did not disclose a timeline for the first product launch beyond a 2026 target.

Japan introduced a dedicated framework for fiat-linked stablecoins in June 2023, when amendments to the Payment Services Act took effect. The rules require businesses acting as intermediaries to register with the Financial Services Agency and created regulatory categories for fiat-pegged digital assets. USDC received regulatory approval for distribution in March 2025, and the yen-denominated JPYC registered as a fund transfer service provider that August before launching in October.

The SBI-Solana partnership follows a wave of stablecoin infrastructure development in Japan. Convenience-store operator Lawson plans to test yen stablecoin payments at a Tokyo location in August, using HashPort's non-custodial wallet and point-of-sale integration. Payments company Netstars launched a multi-stablecoin merchant service in July supporting USDC, USDT and JPYC on Solana and Polygon, with a merchant fee of 0.98 percent.

The announcement adds to Solana's push into institutional finance. BlackRock's tokenized money market fund BUIDL pushed past $900 million in assets under management on Avalanche in a single week, while Progmat, Japan's largest digital securities platform, completed a full migration of 452 billion yen in assets to a dedicated Avalanche L1. The SBI deal shows Solana competing directly with Avalanche and Ethereum for regulated institutional flows in Asia.

For Solana, the partnership with SBI represents a concrete entry point into Japan's regulated financial system. If successful, the initiative could serve as a blueprint for other major Asian financial institutions exploring Solana-based stablecoin and tokenization products. The next milestone to watch is the first product launch, which SBI has targeted for 2026.

This article is for informational purposes only and does not constitute investment advice.