Japanese asset giant restructures joint venture away from Corda

SBI Holdings is shifting its blockchain initiative from a Corda-based partnership with R3 to a Solana-focused venture, adding the Solana Foundation as a partner to the restructured joint venture.

The company announced the move on its website this month, according to CoinDesk. SBI Solana Global, formerly known as SBI R3 Japan, will now center its operations on Solana’s layer-1 network rather than the permissioned blockchain developed by R3.

The Solana Foundation, based in Zug, Switzerland, enters the joint venture alongside existing stakeholder Sumitomo Mitsui Financial Group (SMFG), which holds a stake in SBI Solana Global. SBI Holdings operates the venture.

Three core functions guide the restructured initiative: supporting the issuance and distribution of stablecoins, supporting the structuring and distribution of tokenized real-world assets (RWAs), and developing payment infrastructure for AI agents.

“By creating a new market for Japan-originated digital assets, the collaboration aims to establish Japan as a core hub for onchain finance in Asia,” SBI Holdings said in the announcement.

The pivot reflects SBI Holdings’ broader expansion into digital assets. Last month, the company agreed to acquire Bitbank, a Japanese cryptocurrency exchange, for approximately $289 million. That transaction marked a significant step in deepening SBI’s footprint in crypto infrastructure and trading.

SBI Solana Global’s shift to Solana positions the venture to connect Japan’s domestic market to global liquidity, according to the company. The joint venture will operate under the new blockchain foundation while pursuing stablecoin issuance and tokenized asset distribution in the Japanese and broader Asian markets.

Frequently Asked Questions

Why is SBI Holdings switching to Solana?

SBI Holdings is restructuring its joint venture from a Corda-based partnership with R3 to a Solana-focused venture, adding the Solana Foundation as a partner.

What will SBI Solana Global focus on?

Three core functions guide it: supporting stablecoin issuance and distribution, structuring and distributing tokenized real-world assets (RWAs), and developing payment infrastructure for AI agents.

What recent acquisition shows SBI's crypto expansion?

Last month SBI Holdings agreed to acquire Bitbank, a Japanese cryptocurrency exchange, for approximately $289 million.