SBI Holdings has announced the launch of its first blockchain-based bond, known as the SBI START Bonds – onchain bond with XRP rewards. Targeted at individual retail investors, this bond issuance represents a significant milestone in the application of blockchain technology in financial markets. The bond issue is valued at 10 billion yen, approximately $64.5 million, and offers investors rewards in the form of XRP, a digital currency. This initiative underscores SBI’s innovative approach to integrating blockchain solutions for retail investors, highlighting the broader movement towards digital transformation in financial services.
The SBI START Bonds are structured as three-year debt instruments with an indicative annual interest rate range of 1.85% to 2.45%. Interest on the bonds is scheduled to be paid on a semiannual basis, with payments occurring twice per year over the three-year term. The indicative rate range is presented as an annualized figure and applies across the bond’s maturity period; specific coupon amounts will be determined and paid according to the semiannual schedule. The bond’s term and interest mechanics align with standard fixed‑term retail bond structures aimed at providing periodic interest income to holders.
Eligible purchasers for the SBI START Bonds include resident retail investors and corporate buyers who purchase amounts exceeding 100,000 yen and who maintain an account with SBI VC Trade. Investors in the offering are eligible to receive XRP rewards calculated at a rate of 200 yen in XRP per 100,000 yen invested. Those XRP rewards are distributed both at the time of issuance and on each semiannual interest payment date through 2029. The allocation method ties the cryptocurrency reward amount directly to the principal subscription amount and follows the stated distribution schedule through the bond’s configured payment dates.
The SBI START Bonds are fully managed onchain via BOOSTRY’s ibet for Fin platform, which oversees onchain recordkeeping for the issuance. Secondary trading is expected to begin on March 25 on the Osaka Digital Exchange’s START system. The issuance uses blockchain settlement and digital asset trading infrastructure to record and manage bond lifecycle events onchain, including issuance and scheduled trading. BOOSTRY’s ibet for Fin handles onchain lifecycle management while the START system is the planned venue for secondary market trading. These technical components enable the bond to be administered and traded using onchain platforms.
SBI Holdings has been actively involved with Ripple since 2016, establishing a partnership aimed at leveraging blockchain technologies for financial services advancements. This collaboration has included the distribution of XRP to shareholders and support for XRP-based remittance services between Japan and the Philippines. Yoshitaka Kitao, the founder of SBI Holdings, holds a significant interest in Ripple Labs, amounting to approximately 9%. SBI Holdings originated in 1999 as a subsidiary of SoftBank and gained independence in 2006. The company has also been at the forefront of adopting digital currencies, including stablecoins. It partnered with Circle to introduce USDC in Japan and signed an MOU with Ripple for the distribution of the RLUSD stablecoin. These initiatives underscore SBI’s strategic commitment to integrating digital assets into its financial offerings.
The SBI START Bonds issuance is a blockchain-based financial product targeting retail investors that offers XRP rewards tied to investors’ subscription amounts. The bond is managed and traded using onchain platforms and digital asset infrastructure, and SBI has adopted stablecoins and entered partnerships with firms such as Circle and Ripple.
