Japanese financial giant SBI Holdings has announced a strategic partnership with the Solana Foundation, renaming its SBI R3 Japan entity to SBI Solana Global. The move, developed jointly with Sumitomo Mitsui Financial Group (SMFG), shifts the conglomerate's focus from private blockchain Corda to Solana's public Layer 1 network for tokenizing real-world assets (RWAs). This includes issuing yen-backed stablecoins like JPYSC, digitizing corporate bonds, commercial paper, and real estate, as well as enabling cross-border transfers and micropayments between AI agents. The goal is to give local Japanese financial products direct access to global capital.
A Shift from Private to Public Blockchain
SBI R3 Japan was originally built around Corda, a private enterprise blockchain. Its transition to Solana signals that Japan's largest banks are officially prioritizing public infrastructure over closed interbank databases. Solana's high throughput, low fees, and extensive developer base make it suitable for building a flexible digital securities market. However, SBI maintains a multichain approach: core B2B transfers and traditional payment gateways will continue to rely on its long-standing partner Ripple. For advanced smart contract capabilities needed in the RWA space, Solana provides the necessary environment.
Why Solana Leads in RWA
Solana's selection is backed by market data. According to rwa.xyz, Solana ranks third globally among blockchain networks for tokenized assets, with $3.3 billion and 697 active projects. This compares to Avalanche's $2.1 billion and Ripple's XRP Ledger at $322.9 million. The presence of nearly 700 active contracts gives SBI access to an established investor ecosystem, eliminating the need to build liquidity from scratch. SBI Solana Global will initially scale the platform in Japan before expanding to major Asian financial centers, aiming to become the region's leading regulated Web3 hub.