"All Assets on Chain" - SBI Group Executives Discuss Financial Vision

SBI Group is advancing the social implementation of on-chain finance across multiple areas, including stablecoins and payments, centered around cryptocurrency exchange operations.

In June 2026, they announced the complete acquisition of the domestic cryptocurrency exchange Bitbank, and in July, they made Coinhako, a major cryptocurrency platform in Singapore, a consolidated subsidiary.

In the realm of stablecoins, SBI VC Trade handles the USD-pegged stablecoin "USDC" and the first domestic 4th category electronic payment method, the USD-pegged stablecoin "RLUSD." They are also leading initiatives in the yen-pegged stablecoin sector, having issued Japan's first trust-based stablecoin "JPYSC" in June.

An interview was conducted with Masashi Okuyama, Director of SBI Holdings, and Tomohiko Kondo, President of SBI VC Trade, who participated as title sponsors at WebX2026.

They discussed a cross-group vision for on-chain finance, envisioning a world where "all assets are traded on-chain."
@sbigroup

Masashi Okuyama
Director, SBI Holdings
Joined SBI Holdings in 2014. He has served as Executive Officer, Head of Legal Compliance, and Head of Digital Space, and became a Director in June 2025 (responsible for Legal and Intellectual Property and Head of Digital Space). He has also been President of SBI Ripple Asia since 2022 and a Director at Ripple Labs Inc., leading the group's digital asset and Web3-related businesses. In April 2025, he became President of SBI Digital Asset Holdings, spearheading the construction of the group's financial infrastructure aimed at the on-chain transformation of all assets.
@tomohiko_kondo

Tomohiko Kondo
President, SBI VC Trade
Joined SBI Holdings as a new graduate in 2007, responsible for the group's information systems. After working in the group's electronic payment business, he served as a system executive at SBI Liquidity Market, which operates foreign exchange-related businesses. He became a Director at SBI VC Trade in 2019, fully engaging in cryptocurrency and Web3-related businesses. Since 2023, he has served as President, leading the expansion of staking services based on cryptocurrency trading services and promoting the registration of domestic electronic payment methods, aiming to provide stablecoin trading services. He also holds multiple directorships in cryptocurrency and Web3-related companies within the SBI Group.

Table of Contents

1. SBI's On-Chain Financial Vision
2. Implementation and Application of Stablecoins
3. Group Foundation and Future Competitive Environment
4. To Our Readers

01PARTSBI's On-Chain Financial Vision {#part01}

Overall Vision for On-Chain Finance {#01}

Please tell us about the ultimate vision for the financial infrastructure the group aims for.
Okuyama

What we ultimately aim to achieve is a world where all assets are traded on-chain globally. In this world, we will use mediums like stablecoins for payments, allowing transactions to occur anytime, anywhere, 24/7. This is our goal.

The target is not just banks. It includes securities, asset management, and all financial functions.
You have been acquiring exchanges, and it seems you are rapidly assembling capabilities within the group. How do you differentiate between in-house development and acquisitions?
Okuyama

We are not strictly committed to in-house development. There are cases where it is faster to handle things ourselves, and there are also instances where relying on external sources, such as acquiring a company, can be prohibitively expensive. Rather than being fixated on in-house development, we believe in a combination of organic (in-house development) and inorganic (acquisition) approaches to quickly assemble what is necessary. It is important to make optimal choices at any given time without being rigidly attached to one side. This embodies our corporate philosophy of flexibility.

Kondo

For example, in the case of exchanges, the recent acquisition of Bitbank is one instance, and last year, SBI VC Trade also took over customers from DMM Bitcoin. Four years ago, Bitpoint also joined the group. You can see from these examples that we are not solely focused on in-house development.

In order to significantly increase our share, it is not necessary to compete solely with our own net new customers. Of course, we must also improve the original services of SBI VC Trade. By achieving non-linear growth on top of that, we believe we can gain an advantage more quickly.
Editor’s Note: SBI Holdings announced on June 25, 2026, that it had signed a basic agreement and stock transfer contract for the complete acquisition of Bitbank. The total acquisition price is 46.7 billion yen, and completion is expected around October 2026, subject to corporate merger review. The merger of Bitpoint Japan into SBI VC Trade (surviving company: SBI VC Trade) was executed with an effective date of April 1, 2026.

Role Distribution Between Cryptocurrency and Stablecoins {#02}

We are strengthening stablecoins in both yen and dollar denominations. What strategic positioning does this hold?
Okuyama

We have been working on the tokenization of real-world assets. We have led Japan in areas such as equity and asset management. However, even if we can tokenize and trade those assets, the question remains, "How do we handle payments?" While payments can be made in fiat currency like yen, this does not fully leverage the inherent strengths of an on-chain economy.

We believe that stablecoins will serve as the payment currency in an on-chain economy. That is why we are promoting the adoption of stablecoins. The reason we started with dollar-denominated stablecoins is that it was the quickest means, and now that yen-denominated stablecoins are possible, we are also working on that.

Yen-denominated stablecoins have relatively lower regulatory constraints in Japan compared to those issued overseas, and we see them as having the potential to support infrastructure not only for retail but also for corporate, i.e., inter-company transactions. While there are still challenges to be addressed, we believe that once these are resolved, significant movement will occur.
Editor’s Note: SBI VC Trade began handling USD Coin (USDC) for general users in Japan for the first time in March 2025.

02PARTImplementation and Application of Stablecoins {#part02}

JPYSC Supporting Large Issuance and Redemption {#03}

The trust-based JPYSC is characterized by its ability to handle large issuances and redemptions. How do you see this as a strength?
Okuyama

If there is a limit of 1 million yen per transaction, it restricts what can be done in situations where large amounts are involved.

For instance, in trade finance or when we make investments, there are situations where it would be beneficial to settle using stablecoins. However, if we can only move 100 million yen in increments of 1 million yen, we have to repeat that process many times. If we cannot handle large amounts at once, it becomes difficult to use them as infrastructure in the economy. That is quite clear.

Editorial Note: JPYSC is a yen-denominated stablecoin issued by SBI Shinsei Trust Bank, classified as a trust-type (Type 3 electronic payment method), which began a limited pre-launch on June 24, 2026, exclusively within SBI VC Trade accounts. Since there is no upper limit on the amount for issuance and redemption (exchange for fiat currency) for the trust-type JPYSC, it allows for the issuance and redemption of large amounts at once.

Application to Cross-Border Remittances

How do you see stablecoins being used in cross-border payments?

Okuyama

Until now, international remittances have operated on a system where banks pre-fund each other, known as pre-funding (where funds are deposited in advance to the recipient). This involves multiple intermediary banks, which adds time and cost. By using blockchain, we can reduce these and facilitate smoother transactions.

We have been working on international remittances utilizing Ripple's remittance solutions through group companies such as SBI VC Trade, SBI Remit, and SBI Ripple Asia. We have been engaged in remittances for those coming to Japan from Vietnam and the Philippines to send their earnings back to their families. Although users do not see it, we have been using XRP for remittances behind the scenes.

However, price stability is crucial in remittances. In this regard, stablecoins, which are linked to fiat assets and, as the name suggests, have stable value fluctuations, are suitable as a means of remittance.

RLUSD and Type 4 Electronic Payment Methods

What kind of service development do you expect from the new Type 4, which is different from USDC?

Kondo

At this point, not much has changed. However, the fact that RLUSD has been classified as Type 4 is significant. We have organized it as Type 4, considering the issuing country's scheme equivalent to the trust-type in Japan.

If recognized as a type similar to the trust-type, it could be a breakthrough for the current major issue of the 1 million yen regulation for overseas issued stablecoins. If there is no 1 million yen regulation for domestic Type 3 (trust-type), we hope for regulatory relaxation for foreign-issued electronic payment methods, namely Type 4, which are similar to the trust-type.

As a private entity, we want to continue such initiatives. If regulations are relaxed, it will become possible to use them in corporate use and trade between dollars. The current situation remains unchanged, but if regulations change, the scope of utilization could expand.

What would an ideal regulatory environment look like?

Kondo

From the business side, there is a tendency to think that "the more relaxed, the better," but these regulations exist due to risks associated with AML and CFT, such as the potential for use in terrorist financing, and it is meaningful for the government to establish solid regulations.

However, it is a fact that the 1 million yen regulation significantly restricts usage. From my perspective, having operated USDC for over a year, I feel that way. It is certainly possible to strengthen other regulations in exchange, but I think it is difficult to simply draw a line based on amounts.

Editorial Note: Type 4 electronic payment methods refer to types of stablecoins issued overseas that have been recognized as similar to trust-type (domestic Types 1-3). RLUSD is a USD-denominated stablecoin issued by Standard Custody & Trust Company (SCTC), a trust company licensed in New York under Ripple. SBI VC Trade began handling it as Japan's first Type 4 electronic payment method on June 24, 2026.

The Meaning of Fully Acquiring Bitbank

What do you think the participation of Bitbank in the group adds to SBI Group's on-chain vision?

Okuyama

If I had to mention one effect I expect from this subsidiary acquisition, it would be that we become the "number one VASP (Virtual Asset Service Provider) group in Japan" in both name and reality.

While the trading volume in Japan increases and our presence grows, for example, those visiting from overseas for large international events like WebX will think, "I want to partner with the company that leads the domestic virtual asset exchange industry." In that case, we would be the first candidate. As a result, excellent ideas from around the world will be more likely to gather, and forming global partnerships will become easier.

For overseas companies wanting to expand their business in Japan, partnering with us, which has one of the largest customer bases in the country, is significant, and we can position ourselves as a company they "want to partner with first." What we achieved in securities can now also be realized in VASP.

Japan remains a strong country in terms of economic scale, and it is said that personal savings amount to 1,200 trillion yen. When considering how to tap into that, from the perspective of investors and the business community worldwide, Japan is still seen as an attractive market and is viewed with envy. Therefore, when it comes to who to partner with in Japan, they want to partner with the best. I believe such effects undoubtedly exist.

Editorial Note: As of the end of April 2026, if we simply sum the figures for SBI VC Trade and Bitbank, the total asset balance is approximately 1.1 trillion yen, and the number of virtual asset accounts is about 2.92 million, making it the largest in terms of asset balance among domestic virtual asset exchanges and one of the top scales in terms of account numbers (according to SBI Holdings).

The Actual Demand for JPYSC and Lending

Currently, JPYSC is available for limited pre-launch within SBI VC Trade accounts. In what scenarios or customer segments do you expect the first substantial demand to arise?

Kondo

Since it is limited to within accounts, the current focus is on the exchange between yen and JPYSC, and we are in the stage of expanding its uses.

However, the lending service for JPYSC started on July 16. Although it does not involve withdrawing from the account, you can deposit into SBI VC Trade, exchange for JPYSC, apply for lending, and if you keep it for 12 weeks, you will receive a 3% annual interest rate.

What I want to convey to everyone is that stablecoins, legally referred to as electronic payment methods, are "not just for payment purposes." While we can certainly expect payment uses in overseas remittances, we believe that stablecoins can also provide stable asset management. It is not just about purchasing virtual assets for capital gains but also about providing a stable way to manage yen at a higher annual rate than banks. This can be a very useful service even for those without investment intentions. We expect to see an expansion of balances in terms of asset management.

Is the 3% annual interest rate for lending limited to 12 weeks?

Kondo

For the time being, we expect to continue offering at an annual interest rate of 3%. By using blockchain and stablecoins, we can provide services that exceed existing financial offerings. I believe that is a significant attraction.

Editorial Note: SBI VC Trade began accepting applications for lending targeting JPYSC on July 16, 2026, and lending started on July 23. Currently, two offerings are being conducted: 12 weeks at an annual rate of 3.0% and 28 days at an annual rate of 2.0%, marking the first lending targeting trust-type stablecoins in Japan. (The interview was conducted before the start of this JPYSC lending.)

Transition to Financial Instruments and Competitive Advantage After Separate Taxation

With the transition to financial instruments and separate taxation, users are expected to expand from retail to securities account holders and institutional investors. As a position with a large combined scale, how do you view this significant wave?

Kondo

First, the current combined scale of SBI VC Trade and Bitbank is about 3 million accounts and about 1 trillion yen. The virtual asset market is currently on a downward trend, but there are also movements resembling anomalies every four years due to the halving cycle, which I believe will greatly influence market transitions. Nevertheless, I view positively that the peak of regulatory aspects will occur from late 2027 to early 2028.

At this point, having approximately 3 million accounts in Japan as a group is a significant strength. After the transition to the Financial Instruments and Exchange Act, it is expected that customers with accounts will become more active in asset formation using cryptocurrencies and stablecoins, which is believed to provide scale advantages from those 3 million accounts. Additionally, as SBI Group is recognized as the number one in cryptocurrency, the number of customers opening accounts is likely to increase. On the other hand, there are already many customers who trade stocks with SBI Securities within the group, and when these customers become interested in cryptocurrencies, they will find it easier to choose SBI VC Trade or Bitbank as their first option. We have been preparing such pathways through collaboration within the group, and after the transition to the Financial Instruments and Exchange Act, we expect a clear increase in the number of new cryptocurrency account openings by customers of the group, including SBI Securities, who wish to start with cryptocurrencies.

As the flow shifts from savings to investment, cryptocurrencies are becoming positioned as one of the investment options, and we believe this could lead to the strongest pathways domestically. We have high expectations for this.

Editorial Note: The revised law to move cryptocurrencies from the Payment Services Act to the Financial Instruments and Exchange Act was enacted on July 15, 2026. Implementation is expected within 2027, and the application of separate taxation (20%) is set to begin on January 1 of the year following the enforcement date of the revised Financial Instruments and Exchange Act, making January 2028 the likely start date.

Message to CoinPost Readers

Finally, please share a message with CoinPost readers. Kondo

With changes in laws, tax systems, and regulations, it becomes easier for businesses to provide various services. However, it is not enough for the system to be in place; what is important is to improve the investment environment itself.

We must continuously prepare tools and services that allow investors to invest safely in Japan. This is something we always recognize as a challenge. We believe our role is to deliver the tailwinds of the system to investors in a usable form.

We will strive to provide valuable services from the SBI Group to those CoinPost readers who are already interested.

Okuyama

I believe many readers of CoinPost are interested in investing in cryptocurrencies. Personally, I strongly feel when talking with authorities and leading companies in various countries that "the blockchain economy is finally entering the mainstream."

Once the infrastructure of regulations such as the transition to the Financial Instruments and Exchange Act and tax systems is in place, it will create a more accessible trading environment for investors who have dealt with cryptocurrencies until now. As SBI Group, we want to ride this wave and create a market that attracts investors more through services like SBI Securities, SBI VC Trade, and Bitbank. We aim to work towards this realization with the strength of the SBI Group.

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