Sovereign Bonds Go Onchain: Japan Weighs JGB Tokenization as Stablecoins Reach 82M Phones
Today’s Focus
Japan’s Ministry of Finance opened its first discussion on treasury tokenization, with FY2027 JGB issuance applications reaching ¥143 trillion as the world’s third-largest bond market weighs going onchain. BlackRock’s BUIDL regained the top spot among tokenized treasuries at $2.8B, while Samsung Wallet’s native USDC integration puts cross-border stablecoin transfers on 82 million Galaxy devices.
Industry Wire
10 items
Japan Opens Treasury Tokenization Talks — The first meeting of the “Onchain JGB Study Group” outlined three paths: tokenizing MMF beneficiary interests, moving the book-entry settlement ledger onchain, and issuing standalone onchain JGBs; a report is due January 2027
BlackRock BUIDL Retakes the Crown — Assets climbed back to about $2.8B to overtake Circle’s USYC and reclaim the largest tokenized US Treasury product, roughly 18.5% of the $1.51B market
Samsung Wallet Goes Native with USDC — Solana Foundation announced 82M US Galaxy devices can send cross-border transfers from late October; Bastion is custodian with Coinbase Prime as sub-custodian
Ondo Lists OpenAI Private Market Note — The first private-market note, OPAIPon, began trading on Ondo Perps’ spot order book at $1,132, letting qualified investors trade pre-IPO OpenAI exposure 24/7
Securitize Stocks Land on Solana — Security entitlements backed 1:1 by shares in 12 US equities, settling in USDC with Jump Trading liquidity; NYSE and OKXICE 24/7 venues are planned
BNB Chain Passes 2M RWA Holders — First blockchain to exceed 2M holders of tokenized real-world assets, capturing roughly 40% of the onchain market; tokenized stocks added over $106M in a week
XRPL Leads Tokenized Commodities — Net inflows of $2.2B this year top Ethereum’s $1.6B, powered mainly by Justoken’s JMWH electricity contracts; monthly transfer volume broke $7B
Standard Chartered Adds Singapore Custody — Institutional custody for cryptoassets, stablecoins and tokenized assets, sitting alongside financing and securities services and extending its UAE, Luxembourg and Hong Kong footprint
OCBC and Ant Launch Tokenized Deposits — SGD- and USD-denominated deposits move 24/7 between Ant’s Singapore and Malaysia entities via WhaleRTP, letting treasurers bypass bank cut-off times
DigiFT Lists Fidelity Treasury Money Fund — The MAS-licensed exchange launched onchain shares in a Fidelity US Treasury money market fund whose holdings meet GENIUS Act stablecoin reserve standards
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