Asia's Financial Institutions Gear Up for the Race (ASA News #13)

*[ASA News] is a bi-weekly newsletter where we share the most important news related to stablecoin in Asia. (2025..02.02~02.15)

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Written by Moyed

1. SBI Holdings & Startale Unveil Purpose-Built Layer 1 'Strium' for Asia's Onchain Securities Market

1.1 [News] Tokenized Stock-Focused Blockchain Targeting 24/7 Trading and DeFi Composability

Source: SBI Holdings & Startale Unveil Purpose-Built Layer 1 'Strium' for Asia's Onchain Securities Market

Japanese financial giant SBI Holdings and Startale Group, the blockchain R&D firm behind Sony's Layer 2 Soneium, have unveiled a proof of concept for Strium Network, a Layer 1 blockchain purpose-built for tokenized securities. Strium positions itself as the "foundational exchange layer for Asia's onchain securities markets," targeting 24/7 trading, near-instant cross-border settlement, fractional ownership, and DeFi composability. SBI Holdings' existing customer base of 80 million users and institutional expertise across securities, banking, and financial services were highlighted as key advantages.

The two firms first announced collaboration on a round-the-clock RWA trading platform in August 2025, though no dedicated Layer 1 was mentioned at the time. The initial focus was on advancing onchain capabilities such as account abstraction, institutional custody, and real-time regulatory compliance monitoring, while providing access to U.S., Japanese, and other countries' equities. They subsequently announced co-development of a yen-denominated stablecoin, and have now expanded their strategy to building a dedicated chain.

A testnet is expected to roll out soon, with the PoC set to demonstrate key technical capabilities around settlement efficiency, resilience under high-load scenarios, and interoperability with both traditional financial systems and blockchain networks. With crypto-native firms like Kraken, established fintechs like Robinhood, and legacy organizations like the NYSE all rapidly developing onchain stock capabilities, SBI-Startale's move signals a bid for early positioning in the Asian market.

1.2 Commentary

1.2.1 Moyed (ASA Contributor, Delta Network) – SBI's 'Full-Stack Digital Finance' Strategy Signals Structural Shift in Japan's Crypto Market

SBI Holdings' latest move should be read not as a standalone project but as part of a coherent "full-stack digital finance" strategy. SBI invested $50 million in Circle's IPO, is co-developing a yen stablecoin with Startale, and is pursuing crypto ETFs targeting a Tokyo Stock Exchange listing. Add a dedicated tokenized securities chain, and a vertically integrated structure emerges: payment instruments (stablecoins) → trading infrastructure (Strium) → investment products (ETFs). This is not merely blockchain adoption, it is an attempt to internalize the entire value chain of digital asset finance.

Strium's emergence is also significant within the broader context of Japan's crypto market. Japan was the first country to legally recognize crypto assets through its 2017 Payment Services Act revision, and established a stablecoin issuance framework via the 2023 amendment. Major financial institutions are running blockchain experiments simultaneously, SMBC's My Number Card-based JPYC payment pilot, Sony Bank's push to issue a dollar stablecoin, and MUFG's Progmat tokenization platform. Strium aims to provide the "trading layer" where these individual experiments can converge.

That said, realizing its positioning as "the foundational layer for Asia's onchain securities market" will require more than SBI's customer base. Tokenized stock trading is directly tied to each country's securities laws, and even within Japan, regulatory alignment under the Financial Instruments and Exchange Act must be achieved first. Moreover, global exchanges like NYSE and Nasdaq are developing similar tokenized platforms, making it uncertain whether Strium can attract global liquidity beyond Asia. Still, the very fact that SBI is simultaneously pursuing stablecoins, ETFs, and a dedicated chain, building a "digital finance full stack", demonstrates that Japan's crypto market is moving beyond experimentation into the infrastructure competition phase.

2. Mirae Asset Securities Issues Korea's First Digital Bonds, Accelerating Tokenized Finance Ecosystem

2.1 [News] $70M Dual-Currency Issuance on HSBC's Orion Platform

Source: Mirae Asset becomes Korea's 1st financial firm to issue digital bonds

Mirae Asset Securities has become the first financial company in Korea to issue digital bonds. The issuance totaled 100 billion won (approximately $70.1 million), raised through a simultaneous dual-currency offering of $30 million and HK$325 million (approximately $41.65 million). Mirae Asset described the transaction as "more than a simple fundraising exercise," positioning it as part of its "Mirae Asset 3.0" strategy aimed at building an advanced digital financial ecosystem encompassing both traditional and digital assets.

The issuance utilized HSBC's proprietary tokenization platform Orion, which is linked to the Central Moneymarkets Unit (CMU), the official bond settlement infrastructure of the Hong Kong Monetary Authority (HKMA). The platform employs the same blockchain technology used for the Hong Kong government's digital green bonds. HSBC served as lead manager, with Mirae Asset Securities' Hong Kong subsidiary acting as co-manager. The dual-currency structure eliminated foreign exchange costs and settlement delays, a step widely seen as improving the capital efficiency achievable by Korean financial institutions.

2.2 Commentary

2.2.1 Moyed (ASA Contributor, Delta Network) – Korean Securities Firms' Digital Asset Push: From Exploration to Execution

Mirae Asset's digital bond issuance marks a milestone showing that Korean financial institutions' tokenization experiments have moved beyond proof-of-concept to actual capital market transactions. Notably, the choice of HSBC's Orion as the issuance infrastructure is significant. Orion is an institutional-grade tokenization platform directly integrated with HKMA's CMU, proven through Hong Kong government green bonds and World Bank bonds. A Korean financial firm directly utilizing a globally recognized tokenized settlement system signals that the domestic market's technical readiness has reached global standards.

Mirae Asset's ambitions don't stop here. Recent reports indicate the firm has completed development of a proprietary crypto wallet capable of storing and managing cryptocurrencies, stablecoins, and tokenized assets, and is now reviewing specific use cases. Chairman Park Hyun-joo has stated the objective is to "digitally tokenize all of the group's investment assets, spanning traditional assets, alternative assets, and cryptocurrencies, to build a digital asset investment network." The fact that two paths are being explored, integration with existing HTS/MTS trading systems versus building a dedicated digital asset platform, reveals that Mirae Asset views tokenization not as an add-on to existing business but as a new strategic pillar.

This is not an isolated effort. Digital asset strategies are accelerating across Korea's entire securities industry. Shinhan Investment Corp. has partnered with Etherfuse to support tokenized distribution of Korean government bonds. NH Investment & Securities is pursuing a KRW stablecoin and digital tax refund PoC with Fireblocks. KB Securities has launched development of a blockchain-based STO (Security Token Offering) platform, and Korea Investment & Securities has established a dedicated digital asset team. Considering that Korea's six major financial groups are in discussions to establish a special purpose company for KRW stablecoin issuance, the digital transformation of Korea's capital markets should be viewed as a structural industry-wide shift rather than individual corporate experiments. With issuance infrastructure (HSBC Orion), distribution infrastructure (stablecoins and tokenized chains), and investor touchpoints (crypto wallets) all coming together simultaneously, the inflection point for Korea's capital market "onchain transition" is approaching.

3. Hong Kong to Grant First Stablecoin Issuer Licenses in March, Stark Contrast with Mainland China

3.1 [News] HKMA to License Select Few Issuers as China Expands Crackdown on Stablecoins and Tokenization

Source: Hong Kong will start granting stablecoin issuer licenses in March: Reuters

HKMA Chief Executive Eddie Yue announced plans to grant the city's first stablecoin issuer licenses in March during a Hong Kong Legislative Council session. However, only a "very small number" will be approved initially, with assessment criteria focused on risk management, anti-money laundering (AML) controls, and the quality of backing assets. Licensed issuers must comply with local regulations for cross-border activities, with mutual recognition agreements with other jurisdictions to be explored in the future. Currently a roughly $300 billion asset class, stablecoins are projected by Citi to grow to $1.9 trillion to $4 trillion, while Standard Chartered CEO Bill Winters has noted that Hong Kong's stablecoin push could lay the foundation for a new era of digital trade settlement.

In the same week, mainland China moved in the opposite direction. A joint notice from eight national agencies, including the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC), reaffirmed the blanket ban on crypto trading, issuance, and facilitation, while significantly tightening regulations on stablecoins and real-world asset (RWA) tokenization. Notably, the notice prohibits offshore issuance of renminbi-pegged stablecoins without government approval, a restriction extending to overseas branches of domestic firms. Chinese companies pursuing tokenization abroad must now obtain prior approval or file with regulators, and their financial and technology partners face heightened compliance standards.

3.2 Commentary

3.2.1 Moyed (ASA Contributor, Delta Network) – A Digital Finance Version of 'One Country, Two Systems': Hong Kong and the Mainland's Diverging Trajectories

The two announcements from the same week paint a dramatic picture of a digital finance version of "One Country, Two Systems." While Hong Kong grants stablecoin issuer licenses and strengthens its positioning as a global digital asset hub, the mainland expanded its crackdown to encompass stablecoins and tokenization, issuing the most comprehensive crypto regulation since 2021. On the surface this appears contradictory, but it is worth noting that both sides depart from the same logic of "monetary sovereignty." Hong Kong seeks to reinforce its standing as an international settlement hub through regulated stablecoins, while the mainland aims to preserve monetary control centered on the digital yuan (e-CNY).

This fork did not appear overnight. Hong Kong implemented its virtual asset exchange licensing regime in June 2023 and granted retail trading licenses to HashKey and OSL that same year. In 2024, it became the first jurisdiction in Asia to approve spot Bitcoin and Ethereum ETFs, and has been running issuance experiments through its stablecoin sandbox under HKMA supervision. The mainland, by contrast, progressed from banning ICOs in 2017 to its sweeping prohibition on crypto trading and mining in 2021, and has now extended enforcement to stablecoins and RWA tokenization. The ban on offshore renminbi stablecoin issuance, in particular, reads as an effort to preemptively eliminate potential competition with the digital yuan project.

The most critical aspect of this dynamic is that Hong Kong's stablecoin licenses could effectively serve as a conduit for Chinese capital to access digital assets. With direct crypto activity banned on the mainland, licensed issuers in Hong Kong become the only pathway through which Chinese institutional capital can engage with digital assets in a regulated environment. It is no coincidence that Hong Kong-based global banks like Standard Chartered and HSBC are aggressively building stablecoin and tokenization infrastructure. As the regulatory gap between Hong Kong and the mainland widens, Hong Kong's value as an irreplaceable "regulatory arbitrage" base in Asia's digital asset market is set to grow.

4. Other News

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4.1 Theme 1. European & UK Stablecoin Regulation and Institutional Strategy Takes Shape

4.1.1 UK Unveils Comprehensive Crypto Regulatory Framework Targeting 2027 Implementation

• Expanded FCA oversight to cover stablecoin issuance, trading platforms, custody services, and staking activities

• Overseas firms serving UK retail customers will require FCA authorization, with applications opening September 2026

• Strict compliance requirements including Consumer Duty, governance standards, and Senior Managers Regime (SM&CR)

4.1.2 12 European Banks Form Joint Venture 'Qivalis' for Euro-Pegged Stablecoin

• BBVA and 11 other major European banks establish joint venture for euro stablecoin issuance under MiCA regulation, targeting H2 2026 commercial launch

• Headquartered in Amsterdam, awaiting Dutch central bank approval as an e-money institution

• Targeting low-cost cross-border payments and digital asset settlement infrastructure for retail and institutional clients

4.1.3 S&P Report Projects European Banks to Launch Euro Stablecoins in 2026

• Euro stablecoin market projected to grow from €650M to potentially €1.1T by 2030, representing up to 4.2% of eurozone bank deposits

• Tokenized investments identified as primary growth driver, with payments as secondary use case

• European banks eyeing new revenue streams through stablecoin issuance and RWA tokenization

4.2 Theme 2. Asian Financial Institutions Expanding Stablecoin Infrastructure

4.2.1 Korea's KBank Files Stablecoin Wallet Trademarks Ahead of March IPO

• Filed 13 trademark applications including KSC Wallet, KSTA Wallet, and Kstable Wallet for comprehensive digital asset services

• Partners with Thailand's Kasikorn Bank to develop cross-border stablecoin finance solutions targeting tourists and workers

• As Upbit's exclusive banking partner, user base has grown 500% to 15M users since 2020

4.2.2 Fireblocks & NH Bank Pursue KRW Stablecoin and Digital Tax Refund PoC

• Joint initiative to develop a KRW stablecoin ecosystem and blockchain-based tax refund system

• Combines NH Bank's traditional finance expertise with Fireblocks' institutional-grade digital asset infrastructure

• Aims to establish compliant payment rails and strengthen Fireblocks' position in Asia's digital asset market

4.2.3 Malaysia's Central Bank Testing Multiple Ringgit-Based Stablecoin Projects

• 30-35 applications received for stablecoin and digital asset innovations under regulatory sandbox program

• Testing financial solutions through Digital Asset Innovation Hub with regulatory flexibility

• Focus on supporting innovation for legitimate business use cases rather than speculation

4.3 Theme 3. Emerging Market Local Currency Stablecoins and Tokenized Securities on the Rise

4.3.1 South Africa Launches Rand-Pegged Stablecoin 'Zaru' for Institutional Investors

• Backed 1:1 by rand-denominated assets (cash, deposits, government bonds) with Standard Bank as custodian and monthly audits by Moore Johannesburg

• Joint initiative by Luno, Sanlam, EasyEquities, and Lesaka Technologies; initially available to qualified institutional investors only

• Enables 24/7 transactions and settlements with cross-border remittance potential; all backing assets held onshore

4.3.2 Y Combinator Offers Stablecoin Option for Startup Investment Disbursement

• $500,000 seed investments can be received in stablecoins on Base, Solana, or Ethereum networks

• Particularly benefits founders in emerging markets through more efficient fund transfers

• Aligns with YC's recent partnership with Base and Coinbase Ventures to boost blockchain startup development

4.3.3 NYSE Unveils Platform for 24/7 Tokenized Securities Trading

• Stablecoin-based instant settlement to replace traditional T+1 settlement, with fractional share trading support

• Developing native digital securities with built-in governance features, restricted to qualified broker-dealers

• Targeting improved digital circulation and composability of onchain assets