SBI Holdings, a major Japanese financial group, has announced the issuance of its first blockchain-based corporate bond, valued at 10 billion yen (approximately $64.5 million). The product, named "SBI START Bonds," is a fully on-chain security token targeting retail investors in Japan and features a distinctive built-in XRP reward structure.
The entire lifecycle of the bond—issuance, management, and redemption—will be handled on the iBET for Fin blockchain platform, bypassing the traditional JASDEC system. This move marks SBI's first corporate bond issued entirely as a security token. The bonds are scheduled to begin trading on the Osaka Digital Exchange (ODX) via the proprietary START platform on March 25, 2026.
Key terms of the bond include a total issuance of 10 billion yen, with each bond having a face value of 10,000 yen. The annual interest rate is expected to be between 1.85% and 2.45%, with the final rate confirmed on March 10, 2026. Interest will be paid twice a year on March 24 and September 24. The bonds have a three-year term, maturing on March 23, 2029. The subscription period runs from March 11 to March 23, with settlement on March 24.
The most notable feature is the XRP incentive program. Eligible investors who subscribe through the SBI ecosystem will receive XRP equivalent to their investment amount shortly after purchase. To qualify, investors must hold an account with SBI VC Trade. Furthermore, Ripple plans additional XRP bonus rewards to be distributed on the interest payment dates in March 2027, 2028, and 2029.
This initiative underscores SBI's long-standing partnership with Ripple and highlights Japan's gradual integration of crypto incentives into traditional finance. SBI views this bond as part of a broader effort to modernize Japan's capital markets through tokenization. While analysts expect limited immediate financial impact for SBI, the strategic signal is clear: it aims to attract crypto-interested retail investors and promote the use of XRP within regulated finance, blending fixed-income investment with digital asset exposure in a novel way for the Japanese bond market.
