XRP draws interest as SBI launches ¥10B on-chain ST bonds

• Lyla Velez
• February 21, 2026
• News
• 0 Comments

Key Points:

• SBI issues JPY 10B on-chain security token bonds for retail investors.
• Holders receive XRP alongside bond exposure, combining fixed income with crypto rewards.
• Launch operationalizes tokenization and tests demand for dual-exposure regulated products.

SBI Holdings will issue approximately JPY 10 billion (~USD 64.5 million) in on-chain security token bonds for retail investors, as reported by Coinfomania (https://coinfomania.com/sbi-japan-launches-%C2%A510b-on-chain-bond-with-xrp-rewards/). The Series ST bonds are recorded and administered on a blockchain, aligning with Japan’s regulated security token framework. This issuance ties digital asset rewards to a traditional fixed-income instrument.

According to The Crypto Basic (https://thecryptobasic.com/2026/02/21/japan-sbi-launches-on-chain-bonds-that-instantly-reward-investors-with-xrp/), the on-chain ST bonds grant holders an equivalent amount of XRP alongside the bond exposure. This structure blends a conventional bond claim with crypto rewards delivered via a licensed exchange channel. It reflects a design that seeks to bridge regulated capital markets and digital assets.

The move matters because it operationalizes tokenization in a live, regulated retail product. It may also test investor appetite for dual exposure, fixed-income rights and token distributions, within Japan’s maturing digital securities ecosystem.

How XRP rewards work and when they’re paid

Coingape (https://coingape.com/xrp-news-ripple-partner-sbi-reveals-on-chain-bonds-that-pay-investors-in-xrp/) reports investors receive XRP approximately equal to their subscription after payment confirmation, with additional distributions scheduled on interest payment dates in March 2027, 2028, and 2029. Eligibility requires using SBI VC Trade and completing specified procedures by May 11. These mechanics link the bond’s lifecycle to staged XRP rewards.

The rewards are distinct from any bond interest and depend on XRP’s market value at receipt. Terms available in coverage do not specify whether SBI pre-acquires XRP for scheduled distributions. Investors therefore face token price volatility in addition to standard fixed-income and issuer risks.

Context from prior public commentary helps explain the issuer’s strategic alignment with XRP. “XRP is generational wealth,” said Yoshitaka Kitao, CEO of SBI Holdings, as reported by XT.com (https://www.xt.com/en/blog/post/ripples-xrp-is-generational-wealth-says-top-sbi-executive/).

At the time of writing, XRP traded around $1.44. Short-term volatility has been very high, with momentum indicators near neutral. This context does not alter the bond terms but frames reward value variability.

Platforms: ibet for Fin and Osaka Digital Exchange START

KuCoin’s news desk (https://www.kucoin.com/news/flash/sbi-launches-on-chain-bonds-rewarding-investors-with-xrp) notes issuance, administration, and settlement occur on BOOSTRY’s ibet for Fin, with secondary trading on Osaka Digital Exchange’s START slated to begin March 25, 2026. This maps issuance infrastructure to a regulated secondary venue within Japan’s digital securities market.

START provides a marketplace pathway for security tokens, aiming to support price discovery and liquidity. SBI’s program will gauge how readily retail investors engage with exchange-traded tokenized bonds once initial allocation settles.

Operationally, XRP distributions appear to rely on SBI VC Trade account configuration and timely investor procedures. Platform and counterparty risks remain relevant across issuance, exchange custody, and secondary trading. As with any regulated product, terms, disclosures, and settlement processes govern outcomes; this summary is informational, not advice.