Japan-based financial group SBI Holdings has launched on-chain bonds that grant holders an equivalent amount of XRP.
SBI announced the initiative yesterday, marking what it describes as the first-ever on-chain Security Token (ST) bond issuance. The offering allows individual investors in Japan to purchase blockchain-based bonds that automatically deliver an equivalent amount of XRP upon subscription.
This structure effectively bridges traditional fixed-income products with XRP exposure, allowing investors to access the asset through a regulated bond framework.
Key Points
- SBI Holdings has launched its first-ever on-chain Security Token bonds, marking a major step in blockchain-based finance.
- The JPY 10 billion ($64.5 million) bond issuance targets retail investors and operates fully on blockchain infrastructure.
- Investors receive XRP equivalent to their subscription amount shortly after purchase, providing near-instant exposure to the digital asset.
- Beyond the initial XRP distribution, additional XRP rewards will be paid on interest dates in March 2027, 2028, and 2029.
SBI Launches First-Ever On-Chain Bonds
SBI Holdings, a major strategic partner of Ripple, disclosed plans to issue its first Series ST Bonds totaling JPY 10 billion ($64.52 million). The company designed the bonds specifically for retail investors and will issue, manage, and settle them entirely on the blockchain rather than through Japan’s conventional securities settlement systems.
Instead of relying on traditional registration methods, SBI digitally registers and tokenizes the bonds on-chain through the “ibet for Fin” platform developed by BOOSTRY.
Meanwhile, investors will trade the bonds on the START proprietary trading system operated by Osaka Digital Exchange, with secondary market trading scheduled to begin on March 25, 2026.
XRP Incentive Structure
Notably, the issuance incorporates a built-in XRP reward mechanism. Bondholders will receive XRP tokens equivalent to their subscription amount shortly after payment confirmation. However, eligible investors must hold an account with SBI VC Trade and complete the required procedures by May 11 to qualify.
In addition, SBI will distribute further XRP benefits on each interest payment date in March 2027, March 2028, and March 2029. This approach promotes long-term participation while strengthening XRP’s integration into tokenized financial products.
Potential Impact for XRP
The potential impact of this offering is significant. Analysts within the XRP community argue that rising demand for the bonds could drive sustained XRP purchases to support issuance and future payouts.
Moreover, community figure Jay Nisbett linked the development to the Japanese yen carry trade, where investors borrow yen at low interest rates and allocate capital to higher-yielding assets.
In this context, the structure could channel additional liquidity into XRP-linked instruments. Nisbett further suggested that SBI could expand the $65 million offering to attract institutional participants.
If SBI scales the initiative, it could accelerate institutional XRP adoption by embedding the asset into structured financial products rather than relying solely on spot market demand. Meanwhile, market participants are closely watching how this package could accelerate XRP adoption in Japan.
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