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DigiFT and SBI Global Asset Management launched the JX token on July 15, bringing the first Japanese asset manager's listed-equity strategy onchain.
Simultaneously, SBI Group, DigiFT, and Startale Group demonstrated how JPYSC, Japan's yen-denominated stablecoin, can power the full lifecycle of tokenized securities – from instant settlement to automated dividend distribution, according to a separate annoucement.
The JX token provides regulated onchain access to the SBI Japan High Dividend Equity Fund, a public equity strategy managed by SBI Asset Management exceeding ¥200 billion ($1.23 billion) in assets under management. The token is structured with direct manager alignment – SBI AM actively manages the underlying strategy – a distinction the SEC emphasized in January 2026 as critical to regulated tokenized securities. DigiFT distributes the token on Solana through its Singapore-regulated platform, which holds Capital Markets Services and Recognised Market Operator licences from the Monetary Authority of Singapore, plus Type 1 and Type 4 licences from Hong Kong's Securities and Futures Commission.
This represents a shift in tokenization's scope. Tokenized assets have largely focused on cash-like instruments and treasury-backed products. The JX token moves into actively managed public equities – a category that demands both institutional-grade asset management and compliant infrastructure. DigiFT already demonstrated this model with a tokenized US equity income fund developed with BNY in January 2026. Japan marks the first application of that model in Asia, and the first time a Japanese asset manager has brought a listed-equity strategy onchain.
The timing reflects Japan's push to modernize its capital markets. The Tokyo Stock Exchange has been pressuring listed companies to improve capital efficiency and share-price performance. Tokenization allows traditional fund strategies to access new distribution channels and investor bases without leaving the compliance frameworks that Japanese regulators require.
Equally important is the infrastructure layer. The second announcement demonstrated how JPYSC can power instant settlement and automated dividend distribution. In a testnet proof-of-concept, SBI, DigiFT, and Startale showed how tokenized securities could settle instantly in JPYSC and distribute dividends programmatically – eliminating the multi-day settlement cycles and manual distribution processes that characterize traditional markets. The PoC is structure-agnostic, but the infrastructure was built with the JX fund's future production deployment in mind.
This matters because settlement and dividend processing have remained the lagging edge of tokenization. You can tokenize an asset, but if settlement and income distribution still depend on traditional finance infrastructure, you have not actually modernized the market. JPYSC closes that gap. As a regulated Japanese stablecoin, it can serve as the settlement layer for tokenized products while preserving compliance and investor protections – something that would be difficult or impossible for international stablecoins.
The collaboration also signals Japan's institutional strategy. SBI Holdings has consolidated substantial on-chain infrastructure, including majority stakes in Osaka Digital Exchange and a $50 million investment in Startale Group to build a blockchain purpose-built for tokenized securities. With revenues of ¥1.90 trillion for the fiscal year ended March 2026 and a crypto-asset business segment generating ¥89.6 billion, SBI is not a startup experimenting with tokenization. It is a major Japanese financial institution betting on it.
The question now is adoption and timeline. DigiFT's regulatory standing and SBI's institutional credibility create an opening, but institutional investors move cautiously. The PoC validates the infrastructure, and the JX launch establishes a real product. What remains to be seen is whether Japanese institutional investors and global allocators treat JX and future JPYSC-settled products as a credible alternative to traditional funds – and whether SBI's infrastructure investments catalyze broader adoption across Japan's asset management industry.
