SBI Holdings, the Japanese financial conglomerate, has acquired Singapore-based crypto exchange Coinhako. The deal, announced this week, also includes a partnership with the Solana blockchain and a plan to launch a yen-backed stablecoin. The moves signal SBI's push deeper into digital assets outside Japan, with a focus on regulated products and institutional infrastructure.
The Coinhako deal
Coinhako is a licensed crypto exchange in Singapore, one of the few in the city-state with a full regulatory license from the Monetary Authority of Singapore. SBI did not disclose the financial terms of the acquisition. The deal gives SBI a direct foothold in Southeast Asia's crypto market, where retail and institutional demand has been growing steadily.
Coinhako will continue to operate under its own brand, according to the announcement. SBI plans to integrate its own services, including custody and tokenization, into the exchange over time.
Solana partnership
Alongside the acquisition, SBI said it has partnered with the Solana Foundation. The partnership is aimed at building blockchain-based financial products and exploring use cases for Solana's high-throughput network. SBI already runs a validator on the Solana network and has been involved in the ecosystem through its investment arm.
The collaboration could lead to tokenized securities or stablecoins issued on Solana, though no specific products were named. SBI has a history of working with public blockchains — it previously partnered with Ripple and has invested in several layer-1 projects.
Yen-backed stablecoin plans
SBI also revealed plans to launch a yen-backed stablecoin. The stablecoin would be fully reserved and regulated, likely under Japanese or Singaporean oversight. SBI did not specify which blockchain the stablecoin would run on, but the Solana partnership makes that network a strong candidate.
Japan has been cautious on stablecoins, but the country passed a law in 2023 that allows licensed trust banks to issue them. SBI, which operates a trust bank, is well positioned to comply. The stablecoin would compete with existing yen-pegged tokens like GMO's GYEN and others.
SBI has not announced a timeline for the stablecoin launch. The company said it will provide more details after regulatory consultations.
