A strategic partnership between Japanese financial giant SBI Holdings and the Solana Foundation has stirred concern among some XRP supporters, who worry the move signals a shift away from Ripple. However, crypto lawyer Bill Morgan argues the reaction is overblown, stating the deal is positive for the broader crypto ecosystem and not a negative for XRP.
The Announcement and Market Reaction
SBI Holdings announced a partnership with the Solana Foundation to build an on-chain financial market originating from Japan. As part of the initiative, SBI R3 Japan will be renamed SBI Solana Global, with the Solana Foundation joining alongside existing shareholders SBI Holdings and Sumitomo Mitsui Financial Group (SMFG). The venture will focus on stablecoins, tokenized real-world assets (RWAs), cross-border payments, institutional on-chain finance, and AI-era payment infrastructure built on Solana.
The news triggered a wave of speculation on social media, with some XRP holders questioning SBI's commitment to Ripple. Posts on X included comments like "What's up with XRP?" and "Are you still supporting XRP and Ripple?" Others expressed frustration, with one user writing, "Xrp army in disbelief after years of thinking Japan was going to use xrp."
SBI's Long History with Ripple
SBI has been one of Ripple's closest strategic partners in Asia since forming SBI Ripple Asia in 2016 to promote Ripple's payment technology. Over the years, SBI CEO Yoshitaka Kitao has repeatedly voiced support for Ripple and XRP, while SBI VC Trade became a leading XRP-friendly exchange in Japan. SBI has also invested directly in Ripple and promoted XRP-based payment initiatives.
The new announcement makes no mention of XRP or the XRP Ledger, focusing instead on Solana as the underlying blockchain. This omission fueled concerns, but Morgan urged perspective. "The XRP community does not have to engage in cope about this news," he wrote on X. "Just accept that it is good news generally for crypto and specifically for Solana and XDC. It is not bad news for anyone."