• SBI Holdings announced plans to launch Japans first cryptocurrency ETFs, including a Bitcoin/XRP fund and a hybrid fund with 51% gold and 49% crypto allocations.
  • The company is expanding into stablecoins, particularly JPY-backed versions, to strengthen the Japanese Yens stability and creditworthiness.
  • SBI expects significant future gains from its 9% stake in Ripple, pending an IPO or similar valuation event.
  • Despite positive news, XRP currently trades at US$2.99 (down 3% weekly) while Bitcoin sits at US$115,134, below key support levels.

Japan is about to get its first dual-asset cryptocurrency exchange-traded fund (ETF). SBI Holdings, a financial juggernaut in the Asian nation, released its earnings report on Thursday and outlined plans to launch an ETF holding Bitcoin (BTC) and XRP (XRP).

In fact, the company plans to launch two crypto-based ETFs: one that allocates 51% to gold ETFs and 49% to crypto ETFs mainly BTC ETFs such as the Franklin Bitcoin ETF (EZBC) and another ETF, as mentioned, that will be a Bitcoin/XRP fund.

SBIs proposed ETFs, like some altcoin products in the US, are still pending regulatory approval.

The company is also actively working to advance its crypto-asset domain and plans to focus on stablecoins, citing recent developments in the US regulatory environment. SBI also noted that the Financial Services Agency (FSA) is reviewing the current regulatory landscape in Japan.

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Related: Ripples RLUSD Stablecoin Hits $600M Market Cap, as XRP Leads Market Rally

In addition to USD-backed stablecoins, SBI indicated its intention to expand into JPY-backed stablecoins.

The spread of JPY-backed stablecoins is expected to increase demand for Japanese government bonds, maintaining the stability of the Japanese Yen and strengthening its creditworthiness.

SBI Holdings

SBI is therefore considering providing various financial services centered on stablecoins by connecting them with SBI Groups securities and banking functions in the future.

In its filing, SBI also notes that it expects significant future gains from its 9% stake in Ripple, pending valuation clarity through an IPO or equivalent event, although this is not reflected in current earnings.

Ripples XRP-based remittance network spans over 100 institutions in 55 countries, while its USD-backed stablecoin RLUSD is being considered for integration by SBI VC Trade.

The company noted that the XRP price has more than quadrupled over the past 12 months. XRP has dropped almost 3% over the past week but is slightly up on a 24-hour timeframe, currently trading at US$2.99 (AU$4.59).

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XRP/USDT, source: TradingView

Meanwhile, Bitcoin is currently trading at US$115,134 (AU$176,731), slipping below key support levels, as we discussed here.

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