SBI and DigiFT Tokenize Japanese Equity on Solana

SBI Global Asset Management and Singapore-based regulated exchange DigiFT jointly launched the $JX token on July 14, 2026, bringing the SBI Japan High Dividend Equity Fund on-chain for the first time as a tokenized security on the Solana blockchain. The underlying fund, managed by SBI Asset Management Co., Ltd. — a subsidiary of SBI Global Asset Management — held assets exceeding ¥200 billion ($1.23 billion) at the time of the announcement, making it one of the largest public equity strategies to be tokenized to date.

The token, formally designated the SBI Japan High Dividend Equity Strategy Token, is structured for accredited and institutional investors and is regulated under Singapore's Securities and Futures Act. DigiFT, which holds Capital Markets Services and Recognised Market Operator licences from the Monetary Authority of Singapore, as well as Type 1 and Type 4 licences from the Hong Kong Securities and Futures Commission, served as the issuing exchange and distribution infrastructure for the product. That dual regulatory standing — spanning Singapore and Hong Kong — has made DigiFT a recurring tokenization and distribution partner for global asset managers including UBS Asset Management, Invesco, BNY, and Franklin Templeton, according to DigiFT's institutional RWA announcement.

The two firms also established a joint venture called SBI Onchain, specifically aimed at institutional on-chain finance, alongside the $JX launch. Settlement for the token is denominated in JPYSC, a Japanese yen-pegged stablecoin, with the Blockhead publication reporting that the launch included a live demonstration of JPYSC-powered settlement for tokenized securities. The choice of Solana as the issuance chain reflects a deliberate infrastructure decision: SBI Holdings had already signalled a pivot toward Solana for tokenization and stablecoin issuance, as reported by CoinDesk on July 13, 2026 — one day before the $JX launch.

SBI Holdings' commitment to tokenization infrastructure extends well beyond this single product. The group led a $50 million investment in Startale Group to build a blockchain purpose-built for tokenized securities, and holds a majority stake in Osaka Digital Exchange, which operates a secondary market for security tokens in Japan. The $JX token therefore sits within a broader SBI-controlled stack that spans issuance, settlement, and secondary trading — though the announcement does not confirm that $JX itself will trade on Osaka Digital Exchange or any other named secondary venue at this time.

The product's regulatory framing aligns with guidance issued by U.S. SEC staff on January 28, 2026, in which staff drew a formal distinction between issuer-sponsored tokenized securities — which can represent true ownership — and third-party products that typically offer only synthetic exposure or custodial entitlements. The $JX token is structured as an issuer-sponsored instrument under Singapore law, placing it in the category the SEC staff statement described as more consistent with genuine securities ownership, according to reporting by Media OutReach Newswire.

This is not DigiFT's first foray into tokenized equity strategies. The exchange had previously partnered with Hines to bring tokenized access to institutional real estate, and with Franklin Templeton on a Benji token distribution arrangement. The $JX token, however, marks the first instance of a Japanese asset manager's listed-equity strategy being tokenized and distributed on-chain through a regulated exchange, according to the joint announcement. The Solana network's role as the settlement layer also distinguishes the product from earlier DigiFT issuances, which used Ethereum-compatible infrastructure.

Several material details were not disclosed in the launch announcement. The companies did not specify the minimum subscription size for accredited investors, the fee structure applied to $JX token holders relative to direct fund investors, or the mechanics governing on-chain dividend distribution beyond confirming that on-chain dividend payments are part of the product design. The announcement also does not identify which custodian holds the underlying fund assets on behalf of token holders, nor does it disclose whether secondary-market liquidity for $JX will be provided by a named market maker or left to bilateral negotiation among institutional counterparties. Reporting by Crypto Briefing confirmed the Solana issuance and JPYSC settlement mechanism but similarly did not address these structural terms.

The immediate effect of the July 14 launch is that institutional and accredited investors in Singapore now have a regulated, on-chain instrument providing exposure to a ¥200 billion-plus Japanese high-dividend equity fund, settled in a yen-pegged stablecoin on Solana. What the announcement does not establish is whether $JX will be listed on a named secondary venue, what haircut or liquidity terms apply to token holders seeking redemption outside standard fund windows, or how the SBI Onchain joint venture will be capitalised and governed going forward.