SBI Holdings partners with Solana Foundation to expand on-chain finance in Japan

Japanese financial giant SBI Holdings has announced a strategic partnership with the Solana Foundation to expand the on-chain financial market in Japan. As part of the partnership, the Solana Foundation will join SBI R3 Japan, working alongside existing shareholders SBI Holdings and Sumitomo Mitsui Financial Group (SMFG) to pursue a new growth strategy. SBI Holdings highlighted the rapid global expansion of stablecoins and real-world asset (RWA) tokenization. The company stated that on-chain finance, where the issuance, distribution, and settlement of financial assets all occur on the blockchain, is set to become the next generation of financial infrastructure. "Solana is regarded as one of the core infrastructures for on-chain finance, based on its high processing performance, low costs, and global ecosystem," SBI explained. "Our goal is to connect Japan's financial assets and institutional foundation with Solana's global network." Separately, SBI also revealed today that it is promoting an enterprise-wide transition to on-chain technology and expanding its cryptocurrency business.