Table of Contents
Researcher
\[ASA News] is a bi-weekly newsletter where we share the most important news related to stablecoin in Asia. (2026.02.02~02.15)*
Written by Moyed
1. [News] Tokenized Stock-Focused Blockchain Targeting 24/7 Trading and DeFi Composability
Source: SBI Holdings & Startale Unveil Purpose-Built Layer 1 'Strium'
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.
2. [Commentary] SBI's 'Full-Stack Digital Finance' Strategy Signals Structural Shift in Japan's Crypto Market
2.1 Moyed (ASA Contributor, Delta Network)
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 fact that SBI is simultaneously pursuing stablecoins, ETFs, and a dedicated chain demonstrates that Japan's crypto market is moving beyond experimentation into the infrastructure competition phase.
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