Japanese financial conglomerate SBI Holdings is aggressively expanding its crypto footprint on two fronts, simultaneously deepening its long-standing XRP ecosystem involvement and launching a new Solana-focused venture. The dual strategy highlights the group's bet on blockchain diversification ahead of anticipated regulatory changes in Japan.
XRP: Evernorth Japan Launch and Stablecoin Integration
On July 12, 2026, San Francisco-based XRP treasury firm Evernorth launched a Japanese-language X account, marking its first operational step in Japan ahead of a planned Nasdaq listing under ticker XRPN via SPAC merger with Armada Acquisition Corp II. SBI Holdings, which has committed $200 million as an anchor investor in Evernorth, provides the institutional backbone. Evernorth stated the channel will offer market analysis without discussing prices, a deliberate boundary to avoid regulatory scrutiny under Japanese Financial Services Agency (FSA) rules. No local office or product has been announced, but the move aligns with SBI's existing network, including SBI VC Trade's retail and institutional XRP access and the March 2026 launch of Ripple's RLUSD stablecoin in Japan. SBI Ripple Asia, co-founded in 2016, remains central, with SBI holding approximately 9% of Ripple Labs and running XRP rewards programs for over two million shareholder accounts.
Solana: New Venture and Custody Services
Parallel to this, SBI has established SBI Solana Global, rebranding from SBI R3 Japan, with equity partner Solana Foundation and backing from Japan's Sumitomo Mitsui Financial Group (SMFG). This follows SBI VC Trade's June 4 launch of Solana custody and treasury management services with Tokyo-listed WIZE, giving the group operational SOL experience. The venture aims to tokenize traditional financial assets and build a Solana-native fund-raising platform. Solana's metrics dwarf XRPL's: 3.3 million daily active addresses versus 15,000–40,000, and $36.7 million in protocol revenue in 2026 versus $767,000 for XRPL. Solana's DeFi total value locked has exceeded $5 billion, while XRPL's is under $40 million.
Regulatory Catalyst
Japan's FSA counts over 13 million registered crypto accounts with holdings above ¥5 trillion, and a working group has recommended reclassifying crypto assets under the Financial Instruments and Exchange Act around 2027, potentially enabling domestic crypto ETFs. SBI's parallel builds position it for this shift, while the potential passage of the CLARITY Act in the U.S. could further elevate XRP. Despite Ripple's corporate wins, XRP has traded between $1.30 and $1.50 in 2026, with RLUSD capturing more institutional value. Solana ETF inflows, meanwhile, have recently surpassed XRP's.
