SBI Holdings, one of Japan's largest financial conglomerates, has struck a deal with Ondo Finance to bring Japanese equities on-chain, using JPYSC, a JPY-denominated stablecoin, for settlement and collateral functions. SBI's broad distribution network will serve as the channel for Ondo's tokenized products, marking a significant step in institutional adoption of on-chain finance in Asia.
For Armada's crypto repo desk, this matters as tokenized non-US equities begin entering the same on-chain rails as tokenized T-Bills already on the eligibility watchlist. If counterparties seek to post tokenized Japanese equities as repo collateral, Armada will need a framework for cross-border legal enforceability, FX risk, and custody compatibility with Fireblocks.