SBI’s $270M Ajaib deal gives yen stablecoin Indonesian gateway

Japan’s SBI Holdings has agreed to invest $270 million for an approximately 20% stake in Indonesian multi-asset investment platform Ajaib Group, a move designed to create the first major consumer-market distribution pathway outside Japan for its yen stablecoin, JPYSC.

Announced on August 28, the transaction makes Ajaib an equity-method affiliate of SBI and potentially connects the yen stablecoin to Ajaib’s 20 million registered retail investors in Indonesia.

The deal represents a significant expansion of SBI’s broader digital asset strategy in Asia. While JPYSC has so far remained largely confined to SBI VC Trade accounts in Japan, Ajaib offers SBI an established platform operating across equities, crypto assets, stablecoins, commodities and foreign exchange.

SBI said the investment is part of its broader effort to build what it calls the “SBI APAC Digital Economic Zone,” connecting regulated financial and digital asset infrastructure across major Asian markets.

Yen stablecoin gains a potential route into Indonesia

The $270 million investment gives SBI significant influence over Ajaib’s financial and operating decisions, including areas related to its digital asset product strategy.

For the yen stablecoin, the transaction addresses one of its most significant challenges: distribution.

JPYSC is Japan’s first trust-bank-backed yen stablecoin and is issued by SBI Shinsei Trust Bank under the country’s Payment Services Act. Its reserves are held in a segregated trust structure, giving holders a direct legal claim to the underlying yen reserves under Japanese trust law.

Unlike some earlier yen-denominated stablecoins, JPYSC was not subject to the ¥1 million per-transaction ceiling that applied to certain other categories of stablecoin operators. That structure allows the asset to support transactions ranging from relatively small retail payments to institutional-scale settlements.

However, its reach has remained limited. As of August 28, the yen stablecoin was restricted to SBI VC Trade accounts, while external wallet withdrawals were not yet supported.

That makes Ajaib a strategically important addition to SBI’s network. The Indonesian platform already serves millions of retail investors and operates an OTC stablecoin settlement desk for corporate and institutional clients.

“In this era of tokenization, the importance of global infrastructure for digital assets is greater than ever,” — Yoshitaka Kitao, SBI Holdings executive, in the company’s official August 28 statement.

Ajaib brings 20 million investors into SBI’s strategy

Founded in 2018 by Stanford MBA classmates Anderson Sumarli and Yada Piyajomkwan, Ajaib was built to address barriers that had historically limited retail participation in Indonesia’s capital markets.

At the time of its founding, fewer than 1% of Indonesians held equities, with high account minimums, paper-based onboarding procedures and brokerage fees discouraging smaller investors.

Since launching publicly in 2019, Ajaib has expanded from its original focus on mutual funds into a multi-asset investment platform. Its users can access domestic and international equities, bonds, exchange-traded funds, crypto assets, stablecoins, commodities and foreign exchange, alongside savings and payment services.

This broader infrastructure is central to the yen stablecoin strategy.

Rather than entering Indonesia through a standalone cryptocurrency exchange, SBI is gaining access to a platform that already operates across traditional and digital financial markets. That could eventually allow stablecoins and tokenized securities to sit within a broader investment ecosystem used by millions of customers.

Ajaib has raised more than $500 million since 2019, attracting backing from investors including Y Combinator, SoftBank Ventures Asia, DST Global, Ribbit Capital and Horizons Ventures.

The SBI investment is also notable because of its scale. According to figures cited in the original report, the $270 million transaction is Indonesia’s largest technology funding round since 2022 and represents a substantial amount compared with the $355.7 million raised across 91 startup deals in the country throughout 2025.

Yen stablecoin could become a settlement layer for tokenized assets

SBI’s investment in Ajaib appears to extend beyond simply expanding the distribution of JPYSC.

The yen stablecoin is positioned within a broader network of tokenized financial products and regulated digital asset platforms that SBI has been building throughout 2026.

The group has expanded its presence across Asia through several investments and acquisitions, including Singapore-based Coinhako, digital securities platform DigiFT and other digital asset partnerships.

SBI also announced a partnership with Ondo Finance aimed at tokenizing Japanese equities and other real-world assets, with JPYSC expected to play a role as an on-chain settlement mechanism.

The company’s strategy suggests that the yen stablecoin could serve as infrastructure connecting different parts of its expanding digital asset ecosystem.

Ajaib, meanwhile, could provide a future consumer-facing distribution channel for these products in Indonesia.

SBI’s July launch of the JX Token, the SBI Japan High Dividend Equity Strategy Token, demonstrated the company’s interest in bringing traditional investment products onto blockchain infrastructure. With its stake in Ajaib, SBI gains a potential route for distributing future tokenized products to Indonesian investors through an already established investment platform.

The broader model is straightforward: the yen stablecoin could function as the settlement layer, while platforms such as Ajaib provide access to consumers and investors.

Indonesia becomes a key part of SBI’s Asian expansion

Indonesia’s large population, growing smartphone adoption and rapidly expanding retail investment market have made it an important target for financial technology companies.

For SBI, the timing also coincides with a difficult period for Indonesia’s startup ecosystem. Venture funding has fallen sharply from its 2021 peak, creating a more challenging environment for companies seeking large late-stage investments.

Against that backdrop, SBI’s $270 million investment carries additional significance.

The transaction is expected to close by the end of August, after which Ajaib will formally become an equity-method affiliate of SBI.

The immediate impact on retail access to the yen stablecoin will depend on regulatory developments in Japan, particularly regarding external wallet withdrawals, tax treatment and the framework for wider distribution.

Until those issues are clarified, Ajaib’s existing institutional stablecoin infrastructure could provide an earlier pathway for integration.

The investment nevertheless marks a major step for SBI’s regional ambitions. By connecting its Japanese financial infrastructure with platforms in Singapore, Indonesia and other markets, the company is building a network designed to support stablecoins, tokenized securities and digital asset settlement across Asia.

For JPYSC, the significance is clear: after being largely confined to a single Japanese platform, the yen stablecoin now has a potential gateway to one of Southeast Asia’s largest retail investment markets.