SBI Japan Launches ¥10B On-Chain Bond With XRP Rewards

SBI Holdings announced that it will issue its first blockchain-based security token bond worth ¥10 billion, or about $64.5 million. The product name is “SBI START Bonds.” It targets Japanese retail investors and runs fully on-chain. What makes it stand out is the built-in XRP reward structure. Eligible investors will receive XRP soon after subscribing. The move highlights SBI’s long-standing partnership with Ripple. It also shows how traditional finance in Japan is slowly blending with crypto incentives.

SBI Pioneers Blockchain Security Tokens

This marks SBI Holdings’ first corporate bond issued entirely as a security token. The bond lifecycle runs on the iBET for Fin blockchain platform instead of the traditional JASDEC system. That means issuance, management and redemption all happen digitally on-chain.

The bonds will trade on the Osaka Digital Exchange through its proprietary START system. Trading is expected to begin on March 25, 2026. SBI Holdings says the fully electronic setup should improve efficiency and transparency. Meanwhile, the company continues pushing tokenized finance products. That aims at everyday investors rather than just institutions.

Key Terms and Timeline

The total issuance size is set at ¥10 billion. Each bond has a denomination of ¥10,000. The bonds will carry an annual interest rate expected between 1.85% and 2.45%, with the final rate confirmed on March 10, 2026. 

Interest will be paid twice a year, specifically on March 24 and September 24. The bonds have a three-year term and will mature on March 23, 2029. Subscription opens from March 11 to March 23. With payment scheduled for March 24. The bonds will be issued and redeemed at par value. It also keeps the structure simple for retail buyers.

XRP Rewards Bridge Crypto and Traditional Finance

The biggest talking point is the XRP incentive. Eligible investors who subscribe through SBI’s ecosystem will receive XRP equal to their investment amount shortly after purchase. To qualify, investors must hold accounts with SBI VC Trade.

Ripple also plans additional XRP rewards. These bonus distributions will arrive on interest dates in March 2027, 2028 and 2029. SBI clearly aims to attract crypto curious retail users while promoting XRP usage inside regulated finance. The structure blends fixed-income investing with digital asset exposure in a way rarely seen in Japan’s bond market.

Implications for Japan’s Tokenization Push

SBI Holdings views the bond as part of a broader effort to modernize Japan’s capital markets. The company has also invested heavily in Ripple and continues to support blockchain-based finance products. While analysts expect a small immediate financial impact on SBI, the strategic message remains clear.

Japan has already taken a relatively friendly stance toward digital assets compared with many regions. This launch could encourage more tokenized securities in the country. However, participation remains limited to domestic investors for now. Still, the move signals where things may be heading. As traditional bonds gain on-chain features and crypto rewards. The line between old finance and digital assets keeps getting thinner.

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