In a significant move for the financial sector, SBI Holdings, a prominent Japanese financial group, has launched an on-chain bond issuance valued at $64.5 million. This innovative product, named “SBI START Bonds,” is noteworthy as it marks the first occasion where SBI has issued a corporate bond entirely as a digital security token utilizing blockchain technology.
The bond structure uniquely combines traditional fixed-income characteristics with modern digital asset incentives. Investors will receive XRP, a well-known cryptocurrency, equivalent to their initial bond investment shortly after purchase. Moreover, beyond this initial distribution, additional XRP rewards will be distributed during scheduled interest payment dates in March 2027, 2028, and 2029.
This offering is specifically tailored for retail investors in Japan, effectively positioning itself as a hybrid product that melds conventional bonds with the benefits of cryptocurrency. The entire lifecycle of the bond—ranging from issuance and management to redemption—is facilitated digitally through sophisticated blockchain systems.
The issuance utilizes the “ibet for Fin” blockchain platform, ensuring a streamlined process. For those interested in trading, secondary market activities are set to commence on the Osaka Digital Exchange (ODX) using its proprietary START trading system, with trading expected to begin on March 25, 2026.
The backdrop of this issuance highlights the enduring relationship between SBI Holdings and Ripple Labs. SBI holds about a 9% equity stake in Ripple, a position valued at approximately $4.5 billion based on recent market assessments. Despite circulating rumors suggesting SBI possessed $10 billion in XRP, CEO Yoshitaka Kitao clarified that the company”s primary exposure is through equity rather than direct token holdings.
This initiative signifies a strategic attempt by SBI to circumvent Japan”s conventional bond settlement systems, aiming for enhanced operational efficiency and transparency within retail debt markets. Additionally, it ties into SBI”s broader shareholder benefit programs, which offer XRP rewards based on share ownership as of March 31, 2026. The launch of the SBI START Bonds illustrates a continued effort to integrate blockchain-based securities into mainstream financial frameworks while linking traditional financial instruments to digital asset rewards.
