SBI Launches $64.5 Million On-Chain Bond With XRP Rewards

Japanese financial group SBI Holdings has launched a $64.5 million on-chain security token bond issuance that offers retail investors rewards in XRP.

The product, branded as “SBI START Bonds,” marks the first time SBI has issued a corporate bond fully as a digital security token on blockchain infrastructure.

Bond Structure and XRP Rewards

The bond combines traditional fixed-income exposure with digital asset incentives.

• Reward Mechanism:
  Investors receive XRP equivalent to their initial bond subscription shortly after purchase.
• Ongoing Interest Rewards:
  Beyond the upfront distribution, additional XRP rewards will be paid on scheduled interest dates in March 2027, 2028, and 2029.
• Target Audience:
  The offering is specifically aimed at Japanese retail investors, positioning itself as a hybrid between conventional bonds and crypto-linked benefits.

Technical Infrastructure

The bond’s entire lifecycle, including issuance, management, and redemption, is handled digitally through blockchain-based systems.

• Platform:
  The issuance runs on the “ibet for Fin” blockchain platform.
• Secondary Trading:
  Trading will take place on the Osaka Digital Exchange (ODX) via its proprietary START system. Secondary market trading is expected to begin on March 25, 2026.

Strategic Context

The move highlights the long-standing partnership between SBI Holdings and Ripple.

SBI holds approximately a 9% equity stake in Ripple Labs, valued at around $4.5 billion based on recent private market estimates. Recent rumors suggested SBI held $10 billion worth of XRP directly, but CEO Yoshitaka Kitao clarified that the company’s primary exposure to Ripple is through equity ownership rather than direct token holdings.

Why It Matters

By bypassing Japan’s traditional bond settlement infrastructure, SBI aims to improve operational efficiency and transparency in retail debt markets.

The issuance also aligns with SBI’s broader shareholder benefit programs, which allow investors to receive XRP rewards based on share ownership as of March 31, 2026.

The launch represents another step toward integrating blockchain-based securities into mainstream financial markets while tying traditional instruments directly to digital asset incentives.

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