Japan's SBI Holdings has completed its acquisition of a majority stake in Singapore-based crypto platform Coinhako after securing regulatory approval from Singapore's Monetary Authority of Singapore on July 16, 2026. According to the latest announcement, Coinhako holds a Major Payment Institution license from the Monetary Authority of Singapore (MAS) and operates across Singapore, positioning SBI to establish a global corridor for digital assets by connecting exchanges worldwide. The transaction involved a capital injection through SBI Ventures Asset Pte. Ltd. and the purchase of shares from Coinhako's existing investors, with Coinhako now operating as a consolidated subsidiary of the Japanese financial group. SBI Chairman and President Yoshitaka Kitao described the purchase as part of the group's plan to connect exchanges across multiple countries, allowing investors to trade without being limited by national borders or currency differences. As Coinhako co-founder and CEO Yusho Liu noted, "For the past 10 years, we have built from the ground up Southeast Asia's most trusted and legally compliant cryptocurrency platform in the world's most advanced regulatory environment."
As part of the partnership, SBI plans to integrate JPYSC as a settlement and collateral asset for Ondo's tokenized products, with the stablecoin operating primarily on Ethereum as both a payment mechanism and collateral instrument for tokenized asset transactions. The stablecoin is backed by the Japanese yen and was launched by SBI on June 24, 2026, with initial capital of ¥10 billion issued by SBI Shinsei Trust Bank. However, a significant technical limitation remains - JPYSC does not yet support withdrawals to external wallets. As reported by CoinDesk, the stablecoin's use is currently limited to accounts within SBI VC Trade, and it does not yet support withdrawals to external wallets or remittances and settlements via public blockchains. This limitation currently restricts JPYSC's use outside SBI's own platform, though the company continues investing in digital asset infrastructure. However, if technical advancements and regulatory approvals permit wider interoperability, incorporating Coinhako's exchange and customer network may eventually be beneficial for expanding JPYSC's reach.
SBI's regional expansion strategy extends beyond the Coinhako acquisition, with the company agreeing to buy Tokyo-based cryptocurrency exchange Bitbank for around $289 million in June, with the acquisition expected to close in October subject to regulatory approval. The conglomerate has also led a $76 million Series C funding round for institutional exchange EDX Markets and a $25 million Series C round for crypto risk manager Gauntlet. Under the new partnership with the Solana Foundation, the foundation will take an equity stake in SBI R3 Japan, which will be renamed SBI Solana Global, focusing on issuing stablecoins and tokenizing real-world assets such as corporate bonds and real estate. As Joseph Goh, director and head of Asia Pacific at crypto investment banking firm Areta, told CoinDesk, "SBI is the first financial group in Asia to go after the entire digital asset value chain at once, from issuance and settlement through trading infrastructure, asset management and retail distribution."
For Ondo, the partnership provides access to SBI's position in Japan's banking, brokerage, asset management, and digital asset sectors, with Ondo Finance CEO Ian De Bode describing SBI's involvement as validation of the entire tokenization thesis. The agreement represents a major distribution unlock for Ondo, which claims to be the largest global tokenizer of stocks with nearly 60% control of the global tokenized equity market. For international investors, accessing Japanese equities currently requires navigating foreign brokerage accounts, currency conversion, and settlement timelines that can stretch to T+2 or longer. Tokenized versions of those same stocks, tradeable against a yen stablecoin on Ethereum, could compress that entire process dramatically. SBI brings regulatory legitimacy and an existing customer base that numbers in the millions across its banking, securities, and insurance businesses, while Ondo brings battle-tested tokenization infrastructure.
SBI's investment strategy reflects a long-term infrastructure development approach rather than short-term crypto market cycles, as the company's spokesperson emphasized. The conglomerate, which is Japan's largest online securities firm with more than 14 million users and $308 billion in assets under custody, is building an end-to-end digital asset business spanning exchanges, tokenization, stablecoins and blockchain infrastructure across Asia. The company noted that "in light of the expansion of cryptocurrency ETFs in the United States, as institutional investor participation raises liquidity, market credibility, and risk management standards, we expect that retail participation will also expand." SBI Holdings CEO Sota Watanabe of Startale Group told CoinDesk that "SBI Holdings' continued commitment to digital assets likely signals confidence in the future architecture of global finance," adding that Japan is well-positioned to lead the sector due to its regulatory framework and financial institutions. The acquisition of Bitbank, investments in EDX Markets and Gauntlet, and the introduction of its JPYSC stablecoin are some of SBI's crypto initiatives that aim to ease cross-border transfers without several middlemen, currency conversions, settlement delays, and increased costs.
