On February 24, Japanese financial giant SBI Holdings announced that it will issue a 10 billion yen unsecured digital bond, “SBI START Bond,” on March 24. The bond will be open for retail investors in Japan, with a minimum investment threshold of just 10,000 yen. The issuance size is approximately $64.6 million, comparable to recent large-scale digital bond issuances in Japan, and is seen as an important step for Japan’s digital securities market targeting individual investors.
In product design, SBI introduced a crypto asset incentive mechanism, allowing investors to receive XRP token rewards. According to the plan, eligible domestic Japanese investors must register an account with SBI VC Trade to receive the rewards. The XRP reward program will be distributed in May 2026, while the bonds will pay partial interest in installments from 2027 to 2029. Industry experts believe this move will help expand digital asset account registrations and increase retail investors’ participation in blockchain financial products.
The bond is named after the START platform, which is affiliated with the Osaka Digital Exchange, similar to an alternative trading system, focusing on digital securities circulation. Although the platform’s trading volume is still in the early stages, SBI’s issuance will be the first digital bond product listed on this platform, serving as a demonstration. Notably, the bond will not be registered with Japan’s central securities depository JASDEC, and SBI Securities will act as the sole underwriter.
SBI has had a partnership with Ripple for over a decade and has been distributing some dividends in XRP since 2019. The combination of digital bonds with crypto asset rewards demonstrates that Japan’s digital bond issuance, blockchain asset incentive mechanisms, and retail-oriented tokenized financial products are accelerating their integration. As Japan’s regulatory framework matures, innovative structures combining digital bonds and crypto assets may set a new example for Asian capital markets.
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