SBI Issues First Security Token Bond Offering Direct XRP Exposure

• SBI issued JPY 10 billion on-chain security token bonds for retail investors using BOOSTRY’s “ibet for Fin” and Osaka Digital Exchange’s START trading.
• Bond buyers receive XRP equal to their subscription after payment, then additional XRP on interest dates in March 2027, 2028, and 2029.

Japan-based financial conglomerate SBI Holdings has launched an on-chain bond program in which investors receive XRP tokens alongside a blockchain-issued security token bond. The initiative is its first security token (ST) bond issuance conducted on-chain, with subscription and settlement handled through blockchain infrastructure rather than conventional securities settlement processes in Japan.

The offering consists of SBI’s first Series ST Bonds with a total issuance size of JPY 10 billion ($64.5 million). SBI publicly stated that the bonds are designed for individual investors in Japan and that issuance, management, and settlement will be executed through tokenized registration on-chain. The bonds are registered via “ibet for Fin,” a platform developed by BOOSTRY for digital securities, according to SBI.

The bonds will be available for trading through the START proprietary trading system operated by the Osaka Digital Exchange. Secondary market trading is scheduled to begin on March 25, enabling investors to buy and sell the tokenized bonds on a licensed venue. The company also noted that the program is structured to meet domestic requirements for security token offerings.

This week, CNF covered that Coinbase is expanding its U.S. crypto-backed lending service to let eligible users borrow up to $100,000 in USDC using XRP and other tokens as collateral. The loans run on-chain through Morpho on Base, and borrowers face liquidation if collateral values fall below required levels.

XRP Distribution Terms and Key Dates

SBI’s bond terms include an XRP reward feature tied to subscription amounts. Under the program, bondholders receive tokens equivalent to their subscription amount shortly after the payment is confirmed. SBI stated that eligibility is linked to holding an account with SBI VC Trade and completing the required procedures by May 11 for distribution processing.

In addition to the initial token allocation, SBI will provide additional crypto benefits on the bonds’ interest payment dates in March 2027, March 2028, and March 2029. These distributions are part of the bond’s scheduled cycle, with the XRP component delivered on preset dates. 

SBI is a longtime Ripple partner and has spearheaded several initiatives in Japan for the network. With this issuance, the firm is combining a tokenized-bond format with XRP delivery within the same purchase process. Investors should review bond documentation and follow the SBI VC Trade onboarding steps to meet distribution requirements.

Previously, we reported that Dubai started a real estate tokenization pilot on XRPL with Ctrl Alt. Dubai has now launched phase two with controlled secondary trading and on-chain ownership transfers secured by Ripple Custody.

XRP price rebounded from the daily low of $1.38 to $1.44 at the time of writing, marking a 2.65% increase.