The Japanese financial conglomerate SBI Group has teamed up with Chainlink, a blockchain oracle platform, to develop a suite of crypto tools for Asia’s financial institutions.
SBI declared on Sunday that its engagement with Chainlink will concentrate on “several key use cases for financial institutions in Japan and the APAC [Asia-Pacific] region,” initially focusing on Japan’s market.
The collaboration aims to facilitate cross-blockchain tokenized real-world assets (RWAs), such as on-chain bonds, and implement Chainlink’s technology for on-chain verification of stablecoin reserves, among other initiatives.
This marks SBI Group’s fourth crypto partnership within a few days, following collaborations with stablecoin issuer Circle Internet Group, crypto firm Ripple Labs, and Web3 infrastructure company Startale on Friday.
Chainlink to support technology for finance
SBI noted that its agreement with Chainlink will utilize its leading blockchain interoperability protocol for various applications, including the tokenization of RWAs and enabling foreign exchange and cross-border transactions.
“I am thrilled to see our significant efforts transition towards large-scale production usage,” stated Chainlink co-founder Sergey Nazarov, emphasizing his firm’s longstanding collaboration with SBI in developing stablecoin settlement applications and “highly advanced fund tokenization.”
The two companies also plan to leverage Chainlink’s data feed tools to “bring net asset value (NAV) data on-chain for tokenized funds,” and aim to provide solutions for on-chain verification of stablecoin reserves.
SBI Holdings chair, president, and CEO Yoshitaka Kitao expressed that the two firms would work on “facilitating compliant cross-border transactions using stablecoins, thereby accelerating the adoption of digital assets in Japan and the region.”
Magazine: Altcoin season 2025 is almost here… but the rules have changed
This is a developing story, and further information will be added as it becomes available.
