SBI Global Asset Management, DigiFT Tech, and Startale Group have launched a proof-of-concept on Ethereum's testnet to explore the settlement and distribution of tokenized Japan equity funds. The trial uses a test token designed to mirror the specifications of JPYSC, a yen-denominated stablecoin. If successful, the initiative could reduce settlement times for securities transactions from multiple business days to seconds and enable programmable, instant dividend payments.
Three companies, distinct roles
The PoC is a technical validation covering two key areas: on-chain settlement at the time of fund application and the payment of distributions to token holders. SBI Global Asset Management contributes expertise in Japan equity funds and asset management. DigiFT brings experience in operating a tokenized securities platform under Singapore's regulatory framework and on-chain real-world asset solutions. Startale provides blockchain infrastructure and technical knowledge of yen-denominated stablecoins.
Technical scope and limitations
The companies emphasized that this is purely a technical test, not a launch of new services or an offering of investment products. It does not involve settlement or distribution using the actual JPYSC stablecoin on the mainnet, nor does it encourage Japanese residents to open overseas accounts or invest through foreign platforms. The test is conducted on Ethereum's testnet to verify the feasibility of on-chain payment flows for fund subscriptions and the programmable distribution of dividends to token holders.
Context and industry relevance
The move aligns with growing interest in tokenizing traditional financial assets, particularly in Asia, where regulators and institutions are exploring blockchain-based settlement systems. JPYSC, issued by the SBI Group, is Japan's first trust-type yen-denominated stablecoin, launched in June 2026. It is classified as a Type 3 electronic payment instrument and supports large-value transfers without a 1 million yen cap. SBI VC Trade recently started a JPYSC lending service offering an initial annual rate of 3% for the first 12 weeks.