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SBI Holdings Moves Blockchain Initiative from Corda to Solana for Tokenization
SBI Holdings is redirecting its blockchain efforts to the Solana network through SBI Solana Global. The venture now includes the Solana Foundation and targets stablecoin issuance plus tokenized real-world assets.
Jul 13, 7:40 AM·1m read1 source
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SBI Holdings is redirecting its blockchain initiative to the Solana network to support tokenization and stablecoin issuance, CoinDesk reported. The SBI Solana Global joint venture, previously named SBI R3 Japan, added the Solana Foundation as a participant. The foundation, based in Zug, Switzerland, oversees the Solana layer-1 network.
The venture counts Sumitomo Mitsui Financial Group among its shareholders. It aims to connect Japan's domestic market to global liquidity and establish the country as a core hub for onchain finance in Asia, SBI Holdings said. Functions listed for the venture include supporting stablecoin issuance and distribution, structuring and distributing tokenized real-world assets, and developing payment infrastructure for AI agents.
The initiative had previously centered on Corda, the permissioned blockchain developed by R3. SBI Holdings agreed last month to buy Japanese cryptocurrency exchange Bitbank for around $289 million.
