SBI just bought deeper into Singapore crypto. Its yen token still can't leave home.
The group is building a regional stack around tokenized assets, but JPYSC is still trapped inside SBI's own accounts.
CryptoVibe Desk · sbi · stablecoins · tokenization
- →SBI took majority control of Coinhako after MAS approval and lined up Ondo and Solana deals around tokenized assets.
- →The plan looks vertically integrated, but JPYSC still cannot move to outside wallets or public blockchains.
- →Watch before October's planned Bitbank close for external JPYSC transfers or the settlement story stays mostly paper.
- stablecoin → A stablecoin is a crypto token designed to track a real currency, like the yen or dollar.
- tokenized assets → Tokenized assets are real assets, such as stocks or bonds, represented as tokens on a blockchain.
- public blockchain → A public blockchain is an open network where outside wallets and apps can send and receive tokens.
SBI now claims $308B under custody, according to CoinDesk. It also has 14 million registered users. That is the customer base behind its Coinhako acquisition, Ondo partnership, Solana deal, and planned Bitbank buy.
The thesis is simple. SBI is building Asia's most complete crypto finance stack, for now. But its settlement piece still doesn't settle where the rest of the stack needs it to settle.
CoinDesk reports that SBI acquired a majority stake in Singapore's Coinhako after MAS approval. CoinTelegraph and CryptoNews confirmed the acquisition and MAS approval, though neither adds detail. The move gives SBI a regulated Singapore entry point, not just another exchange logo.
Then comes the bigger ambition. SBI is working with Ondo Finance to tokenize Japanese equities and other assets. It also struck a deal with the Solana Foundation, which will take an equity stake in the rebranded SBI Solana Global. That unit will focus on RWA issuance and stablecoin infrastructure.
If you're holding this as an Asia tokenization story, your bag depends on one boring question. Can JPYSC leave SBI's own walls? Right now, the yen stablecoin is confined to SBI VC Trade accounts. It does not support external wallet withdrawals or public blockchain settlement.
And that's the catch. A tokenized stock issued through Ondo and a Solana-linked RWA platform both need settlement that can touch outside wallets. A closed-loop yen token is useful inside SBI. It is not yet the open settlement rail SBI is describing.
The 1960s eurodollar market worked because dollars could move outside the US banking perimeter. SBI is trying to build a similar regional rail, but with regulated crypto venues and tokenized assets. The economics are straightforward. Control the exchange, the stablecoin, the issuer pipeline, and the settlement path.
CoinDesk also reports a planned roughly $289M Bitbank acquisition expected to close in October. SBI already bought Bitpoint in 2022, and it led a $76M EDX Markets Series C and a $25M Gauntlet Series C. The empire is real. The foundation is still more promise than infrastructure.
SBI's choice to market JPYSC as a settlement centerpiece while blocking external wallets is premature, because Ondo and Solana need a yen token that can actually move.
Before the planned Bitbank close in October, watch whether SBI enables JPYSC withdrawals to external wallets and shows one public-chain settlement tied to Ondo or Solana.
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