Ripple Partner SBI Joins Ondo to Tokenize Japanese Equities Using JPYSC
Ripple's long-time strategic partner, SBI Group, is deepening its push into digital finance through a new partnership with Ondo Finance to tokenize Japanese equities, bringing one of the world's largest capital markets onto the blockchain.
Under the agreement, Ondo Finance, one of the world's leading tokenizers of real-world assets, will issue tokenized Japanese stocks through Ondo Global Markets (BVI) Limited, while SBI Group will distribute the products across its vast financial network.
More notably, this initiative will also use SBI's JPYSC stablecoin for settlement and collateral, creating a blockchain-based infrastructure for trading Japanese equities and connecting domestic markets with the rapidly expanding global tokenized economy.
The strategic partnership extends beyond distribution, with both companies agreeing to promote each other's products and services to accelerate institutional and retail adoption of tokenized assets in Japan and internationally.
Ondo Finance CEO Ian De Bode described Japan as one of the world's most sophisticated capital markets, saying SBI's extensive financial reach provides an ideal gateway for bringing Japanese assets onchain.
He added that the collaboration will strengthen the link between Japan's financial system and the global tokenized economy while advancing yen-denominated blockchain settlement.
Ripple's Longstanding SBI Alliance Strengthens the Tokenization Narrative
The announcement follows another milestone for Ondo Finance. Last month, the XRP Ledger (XRPL) became the largest blockchain supporting Ondo's tokenized U.S. Treasury fund, overtaking Ethereum and Solana with roughly $274 million in on-chain assets. The achievement underscores XRPL's accelerating adoption as a preferred blockchain for institutional-grade tokenization.
Although Ripple is not directly involved in the SBI-Ondo partnership, the development is notable given Ripple's nearly decade-long strategic alliance with SBI Group.
Since first investing in Ripple in 2016, SBI has grown into one of the company's largest external shareholders and one of the strongest advocates for XRP and blockchain adoption across Asia. The two firms co-founded SBI Ripple Asia, enabling banks across the region to modernize cross-border payments using Ripple's technology and driving broader enterprise adoption of the XRP ecosystem.
There is more than meets the eye in this relationship since it has expanded into digital asset exchanges, institutional custody, stablecoins, and tokenized finance. More recently, SBI VC Trade became Japan's first regulated platform to support Ripple’s RLUSD stablecoin, further reinforcing its commitment to Ripple's blockchain ecosystem.
As tokenization transforms global capital markets, SBI's partnership with Ondo strengthens its position at the forefront of blockchain-based finance. Furthermore, the deal expands the institutional ecosystem surrounding the XRP Ledger, reinforcing its growing role as infrastructure for real-world asset tokenization and next-generation financial markets.
