Japan’s SBI Group announced Friday it has acquired a majority stake in Singapore-based crypto platform Coinhako, marking the latest move in an aggressive regional expansion aimed at building what executives describe as Asia’s first integrated digital asset corridor. The acquisition comes as the financial services conglomerate simultaneously unveiled partnerships with Ondo Finance and the Solana Foundation to tokenize real-world assets and develop yen-based on-chain settlement infrastructure.
Coinhako holds a Major Payment Institution license from Singapore’s Monetary Authority (MAS) and operates across the city-state. The acquisition strengthens SBI’s foothold in Southeast Asia’s crypto ecosystem, a region increasingly viewed as critical to the future of digital finance infrastructure.
“The SBI Group seeks to establish a global corridor for digital assets by connecting exchanges worldwide,” said Yoshitaka Kitao, CEO of SBI Holdings, Japan’s largest online securities firm with more than 14 million users and $308 billion in assets under custody.
The Coinhako deal represents part of a broader strategy to control the entire digital asset value chain rather than chase short-term market cycles. SBI’s expansion reflects what industry observers see as a fundamental shift in how traditional financial institutions approach blockchain infrastructure. According to Cointelegraph, similar consolidation moves are reshaping the crypto landscape globally.
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Joseph Goh, director and head of Asia Pacific at crypto investment banking firm Areta, told CoinDesk that SBI’s approach is unprecedented in the region. “SBI is the first financial group in Asia to go after the entire digital asset value chain at once, from issuance and settlement through trading infrastructure, asset management and retail distribution, and to do it across the region rather than only at home,” Goh said.
The company’s regional strategy extends beyond Singapore. On Thursday, SBI announced a partnership with Ondo Finance to tokenize Japanese equities and other assets using its JPYSC stablecoin for settlement. A separate agreement with the Solana Foundation will see the foundation take an equity stake in SBI R3 Japan, which will be renamed SBI Solana Global. The new entity will focus on issuing stablecoins and tokenizing real-world assets such as corporate bonds and real estate.
The strategy aims to connect traditional financial markets with blockchain-based infrastructure, positioning Japan as a hub for digital asset innovation. Goh emphasized the strategic importance of yen-based on-chain settlement. “The real prize is the yen side of onchain settlement, one of the most strategic positions in Asian finance over the coming decade, and that is exactly what SBI is building toward,” he said.
One technical limitation currently constrains JPYSC’s utility. The stablecoin does not yet support withdrawals to external wallets or settlements via public blockchains. “Regarding JPYSC, its use is currently limited to accounts within SBI VC Trade, and it does not yet support withdrawals to external wallets or remittances and settlements via public blockchains,” an SBI spokesperson said. This follows a pattern seen in related coverage of institutional digital asset infrastructure development, where platforms gradually expand capabilities over time.
For now, investors cannot move the stablecoin beyond SBI’s ecosystem. The company has not announced a timeline for enabling external wallet transfers, though executives indicated this remains part of the long-term roadmap.
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Sota Watanabe, CEO of Startale Group, which collaborates with SBI Holdings on JPYSC development, said the company’s continued investment signals growing institutional confidence in blockchain infrastructure. “SBI Holdings’ continued commitment to digital assets likely signals confidence in the future architecture of global finance,” Watanabe told CoinDesk. He noted that blockchain is increasingly viewed as financial infrastructure rather than emerging technology, with Japan well-positioned to lead due to its regulatory framework and established financial institutions.
SBI’s expansion extends beyond the Coinhako acquisition. In June, the company agreed to purchase Tokyo-based cryptocurrency exchange Bitbank for approximately $289 million, with the deal expected to close in October pending regulatory approval. SBI previously acquired crypto exchange Bitpoint in 2022. The firm also led a $76 million Series C funding round for institutional exchange EDX Markets and a $25 million Series C round for crypto risk manager Gauntlet.
An SBI spokesperson said these investments reflect a long-term infrastructure development strategy rather than short-term market sentiment. “In light of the expansion of cryptocurrency ETFs in the United States, as institutional investor participation raises liquidity, market credibility, and risk management standards, we expect that retail participation will also expand, and both will develop in a mutually complementary manner,” the spokesperson said.
The company’s investment thesis assumes that institutional adoption will drive market maturation and create conditions for sustained retail growth. This contrasts with earlier crypto cycles driven primarily by retail speculation.
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