SBI Holdings, one of Japan’s largest financial services groups, has announced a strategic partnership with the Solana Foundation to develop a new on-chain financial market originating in Japan. This move has triggered debate among XRP investors, with some questioning whether SBI is pivoting away from Ripple after years of close cooperation.
SBI Holdings and Solana Foundation partnership details
As part of this initiative, SBI R3 Japan will be renamed SBI Solana Global. The Solana Foundation will join existing shareholders SBI Holdings and Sumitomo Mitsui Financial Group (SMFG) in the revamped venture. The new entity will focus on the development and issuance of stablecoins, tokenized real-world assets (RWAs), cross-border payments, institutional on-chain finance, and advanced payment infrastructure designed for the AI era—all on Solana’s blockchain.
According to SBI, the collaboration is intended to connect Japan’s regulated financial institutions with Solana’s global decentralized ecosystem. Projects will prioritize stablecoins such as JPYSC and offer support for tokenized RWAs, international settlements, and institutional blockchain finance solutions.
Notably, SBI’s announcement highlighted Solana as the core platform for these services and did not reference XRP or the XRP Ledger.
Mini dictionary: Real-world assets (RWAs) are physical or traditional financial assets such as bonds, real estate, or commodities, represented digitally as tokens on a blockchain, allowing for easier transfer, trading, and management.
| Venture | Blockchain Focus | Key Shareholders | Main Products |
|---|---|---|---|
| SBI Ripple Asia (2016–2024) | XRP Ledger | SBI Holdings, Ripple | Cross-border payments, remittance |
| SBI Solana Global (2024– ) | Solana | SBI Holdings, SMFG, Solana Foundation | Stablecoins, tokenized RWAs, AI-driven infra |
XRP community reaction
The announcement prompted an immediate response from members of the XRP community, with several social media users voicing skepticism about the direction of SBI’s blockchain alliances. “What’s up with XRP?” asked one X user, while another wondered if SBI remains committed to supporting both XRP and Ripple. Multiple posts reflected disappointment over expectations that XRP adoption in Japan would increase through SBI’s influence.
XRP enthusiasts expressed disbelief after years of anticipating Japan’s adoption of $XRP through SBI Holdings, with some questioning the absence of XRP in the planned initiatives.
Over the past decade, SBI Holdings has been considered Ripple’s strongest strategic ally in Asia. The two companies established SBI Ripple Asia in 2016 to expand Ripple’s payment technology throughout the region. Yoshitaka Kitao, CEO of SBI Holdings, has frequently shown public support for Ripple and XRP, and SBI has invested significantly in Ripple-related ventures, including launching the XRP-friendly exchange SBI VC Trade.
No indication of XRP discontinuation
While the Solana partnership is set to introduce new blockchain-based financial products, the announcement makes no reference to discontinuing Ripple or XRP-related projects. SBI Holdings has not explicitly addressed the future status of its longstanding collaborations with Ripple. Several analysts suggest that the move may represent a diversification of technology partners rather than an outright shift away from XRP.
Crypto lawyer Bill Morgan responded to the community’s concerns, encouraging a broader perspective and emphasizing the positive impact on the crypto industry and on Solana and XDC in particular.
Bill Morgan highlighted that the news benefits the broader digital asset space and does not necessarily constitute negative implications for $XRP holders or the Ripple alliance.
