On July 13, 2026, during WebX, the "Japan RWA, Stablecoin, and BNB Ecosystem Closed-Door Meeting" took place at Toranomon Alcea Tower Conference in Tokyo. Organized by ASIAN STAR, co-hosted by Hash Global, and with BNB Chain as the blockchain ecosystem partner, the event gathered Japanese traditional financial institutions, listed companies, real-world asset holders, stablecoin issuers, and Web3 infrastructure teams. Discussions centered on real-world asset (RWA) tokenization, stablecoin settlement, global distribution, and institutional on-chain finance.
From Asset Tokenization to Institutional Financial Infrastructure
In his opening remarks, ASIAN STAR Chairman Wu Wenwei noted that Japan holds high-quality real assets with stable cash flows and credit foundations, including real estate, real estate investment trusts (REITs), fund interests, and related assets. He emphasized that ASIAN STAR views RWA as asset digitization and global distribution under compliance, not mere token issuance. Governance, valuation, disclosure, KYC/AML, and investor suitability management are essential foundations for connecting Japanese assets to the global on-chain financial system.
During a keynote speech, Sean Wu discussed the liquidity potential of Japan's approximately ¥300 trillion real estate market. He introduced ASIAN STAR's use of GK-TK structures to achieve asset isolation, tax efficiency, and compliance management. Combined with BNB Chain's low-cost settlement, institutional-grade custody, and DeFi protocols, real estate and trust interests can gain capabilities for automated income distribution, collateral financing, and reinvestment. Specific market size and yield data were shared on-site.
BNB Chain representative Zach pointed out that the RWA industry is shifting from explaining "what is RWA" to solving "how to achieve scale." Tokenized assets with real financial value should not remain mere digital certificates in wallets but must enter real financial scenarios such as collateral, lending, payments, and settlements. BNB Chain aims to leverage its global user network, stablecoin ecosystem, and on-chain liquidity to provide more efficient distribution and application infrastructure for Japanese assets.
Hash Global founder KK proposed a collaborative framework: "Japanese quality assets + USD/JPY stablecoins + BNB Chain global liquidity." The Japanese market ensures asset authenticity, compliance, and investor protection, while the public blockchain ecosystem provides international distribution, settlement efficiency, and follow-up liquidity. He also defined BNB as a "value-utility token" that captures value while serving practical purposes, gradually becoming a core foundational asset in the open financial system.
Osaka Digital Exchange CEO Kimio Mikazuki shared the current state of Japan's Security Token market. According to his on-site presentation, the cumulative issuance of Security Tokens in Japan is approximately ¥350 billion, primarily composed of real estate beneficiary securities and corporate bonds. However, the market still relies mainly on private blockchains and traditional securities distribution, leaving significant room for connection with global Web3 users, public blockchain ecosystems, and on-chain secondary liquidity.
Liquidity Starts with Trust, Compliance, and Quality Assets
The first roundtable, "Real-World Asset Tokenization and Compliance Boundaries," was moderated by Antalpha Japan head Zhou Ruoyun, with participants including Kimio Mikazuki, DigiFT founder and group CEO Henry, Ondo Finance APAC and MENA institutional business head Kunaal, and Asseto CEO Bridget. The panelists agreed that asset tokenization is not an end in itself; liquidity first comes from credible underlying assets and genuine two-way trading demand, relying on clear regulation, licensed partners, institutional custody, disclosure, cross-market distribution, and market-making mechanisms.
They also noted that compliance is not merely a cost or restriction but an infrastructure for institutional capital entry, asset security, and accountability. RWA projects should first verify asset quality, product-market fit, and global distribution capabilities before selecting an appropriate tokenization structure, avoiding "tokenization for tokenization's sake."
Stablecoins as the Key Settlement Layer Connecting Japanese Assets and Global Capital
The second roundtable, "Stablecoins, On-Chain Settlement, and Global Liquidity," was moderated by KK, with participants including HashPort CEO Yoshihiro吉田, BNB Chain representative Jong, and United Stables CEO Athena Yu. The discussion focused on how yen stablecoins can evolve from domestic payment tools into cross-border settlement and global distribution channels for Japanese assets.
Panelists believed that the primary foundation for stablecoins is trust, including brand, licensing, AML systems, reserve management, and predictable minting and redemption mechanisms. On this basis, issuers also need to build reliable fiat on/off ramps, cross-currency liquidity pools, and partner distribution networks. As yen stablecoin supply and use cases expand, they are expected to form more efficient on-chain settlement loops with Japanese real estate, listed stocks, money market funds, and other assets.
Regarding the conditions for launching Japanese RWA pilot projects, participants identified the need for licensed partners, compliance and privacy tools, institutional custody, investor suitability management, stablecoin settlement, fiat channels, and real global distribution and secondary liquidity solutions. Quality assets, trusted institutions, and relatively clear regulation are Japan's core advantages; connecting global on-chain funds and users is the next key challenge.
Strategic Cooperation MOU Signed to Advance Japanese Real Estate Fund Project
At the event's conclusion, ASIAN STAR and Hash Global signed a strategic cooperation MOU. Chairman Wu Wenwei and KK signed and exchanged documents on behalf of their respective organizations. According to on-site information, the two parties will collaborate on a Japanese real estate fund project within the BNB Chain ecosystem, exploring coordinated paths for compliant asset issuance, on-chain settlement, global distribution, and liquidity building.
This closed-door meeting continued discussions from the Hong Kong BNB Institutional Forum and established more concrete cooperative dialogues among Japanese traditional financial institutions, asset holders, stablecoin issuers, and public blockchain ecosystems. As regulation, institutional participation, and on-chain infrastructure mature, the opportunity for Japanese RWA is no longer limited to "digitizing assets" but involves building institutional financial infrastructure covering issuance, settlement, distribution, trading, collateral, and asset management. ASIAN STAR, Hash Global, and BNB Chain ecosystem partners will continue to connect quality Japanese assets with global Web3 capital, driving real-world assets toward broader on-chain applications.