SBI Holdings to Launch 10 Billion Yen Blockchain Bond With XRP Rewards
What Is SBI’s New Onchain Bond Offering?
SBI Holdings is issuing a 10 billion yen ($64.5 million) blockchain-based bond targeted at individual investors in Japan, blending traditional fixed-income features with onchain settlement and crypto-linked incentives.
The product, branded as the SBI START Bonds, will be fully managed onchain using BOOSTRY’s “ibet for Fin” platform, an enterprise blockchain system built for security token issuance. The three-year bonds carry an indicative annual interest rate of 1.85% to 2.45%, with interest paid semiannually.
Secondary trading is expected to begin on March 25 through the Osaka Digital Exchange’s proprietary “START” trading system, bringing the instrument into a regulated digital securities environment rather than a crypto-native venue.
While blockchain-based bond issuance is no longer experimental in Japan, the retail focus and token-based reward structure give this deal a distinct profile compared with institutional tokenization pilots seen in recent years.
Investor Takeaway
How Do the XRP Rewards Work?
In addition to fixed coupon payments, eligible investors can receive XRP rewards. Retail residents and companies that invest more than 100,000 yen (around $650) and hold an account with SBI VC Trade qualify for token distributions.
According to SBI, investors will receive XRP “in an amount corresponding to their subscription amount.” The product page specifies 200 yen worth of XRP for every 100,000 yen invested. These bonuses are distributed at issuance and again on each interest payment date through 2029.
This structure effectively overlays a crypto incentive on top of a standard bond framework. The XRP rewards are separate from the coupon, meaning the base yield remains fixed while token exposure fluctuates with market prices.
By tying eligibility to SBI VC Trade accounts, the company also channels participants into its digital asset ecosystem, creating a direct link between traditional securities distribution and its crypto platform.
Why XRP Is Central to the Offering
SBI has long been associated with Ripple and XRP. The group formed a partnership with Ripple in 2016, leading to the creation of SBI Ripple Asia and the rollout of XRP-based remittance corridors between Japan and the Philippines.
A subsidiary has previously distributed XRP directly to shareholders. The company’s chairman and CEO, Yoshitaka Kitao, has said SBI owns roughly 9% of Ripple Labs, giving it one of the largest corporate stakes in the blockchain firm.
The bond’s reward design reflects that relationship. Rather than using a stablecoin or loyalty-style token, SBI chose XRP, reinforcing the asset’s role within its broader financial and payments strategy.
Investor Takeaway
What This Means for Japan’s Digital Securities Market
Japan has been among the more active jurisdictions in tokenized securities, with established frameworks allowing security tokens to be issued and traded on regulated digital exchanges. By using BOOSTRY’s platform and the Osaka Digital Exchange, SBI keeps the structure within that regulated perimeter.
The deal also reflects how financial groups are experimenting with hybrid models. Rather than replacing bonds with purely crypto-native instruments, firms are combining conventional fixed-income mechanics with blockchain settlement and token incentives.
SBI’s broader digital strategy includes partnerships with Circle to launch USDC in Japan and a memorandum of understanding with Ripple to distribute the RLUSD stablecoin. The blockchain bond adds another layer, linking traditional funding tools with digital asset exposure under a regulated framework.
Whether retail investors view the XRP component as a bonus or as additional risk will depend on market conditions. What is clear is that the offering moves token incentives from trading platforms into mainstream securities distribution, expanding the overlap between Japan’s capital markets and its crypto infrastructure.
