SBI Holdings, in partnership with Ripple Labs, has launched a groundbreaking 10 billion yen (approximately $64.5 million) tokenized bond that incorporates XRP incentives. The three-year bond, issued via the joint venture SBI Ripple Asia, offers semiannual interest payments between 1.85% and 2.45% and includes an XRP reward component equivalent to 200 yen for every 100,000 yen invested.
The bond issuance follows a memorandum of understanding signed on February 20, 2026, between SBI Ripple Asia and the Asia Web3 Alliance Japan, aimed at supporting startups on the XRP Ledger (XRPL). The bonds will begin trading on the Osaka Digital Exchange's "START" platform on March 25, 2026, with lifecycle management handled entirely on-chain using BOOSTRY's "ibet for Fin" system.
This initiative is seen as a significant step in connecting traditional finance with blockchain settlement, leveraging Japan's clear regulatory framework for digital assets. It builds on recent developments, including a major European bank launching a euro stablecoin on XRPL, reinforcing the ledger's capability for regulated financial instruments.
Market data presents a contrasting backdrop. According to Santiment, the 30-day Market Value to Realized Value (MVRV) ratio for XRP has turned negative to -4.1%, indicating the asset is slightly undervalued based on the average cost basis of holders. This trend is market-wide, with Ethereum at -14.3%, Bitcoin at -6.9%, Chainlink at -5.1%, and Cardano at -2.0%. As of the report, XRP was trading around $1.44, up 2.4% in 24 hours but down roughly 5.95% on the day and 25-30% year-to-date.
Infrastructure players like Flare Networks highlight a dual-track institutional convergence: one where institutions utilize XRP for settlement on XRPL, and another where traditional assets are tokenized. Flare provides a programmable execution layer with smart contracts and compliance features to complement XRPL's efficient settlement.
