SBI Holdings Plans To Launch First Dual Bitcoin-XRP ETF In Japan, Wants To Expand Into Stablecoins

SBI Holdings has expressed plans to launch Japan’s first dual Bitcoin-XRP ETF (exchange-traded fund) and says it wants to expand into stablecoins. 

In its Q2 2025 earnings report, the firm said the “Crypto-Assets ETF” will offer investors a single entry point into a structure that will track both XRP and BTC simultaneously. 

If approved, that would be the first ETF in Japan to track XRP, which is currently the third largest crypto by market cap.

The company also proposed a hybrid Gold-crypto product, called the “Crypto-Assets (Digital Gold)” ETF. This fund would offer investors a product that comes with the potential upside of crypto coupled with the stability of commodities.

In the second proposed ETF, up to 51% of the fund’s capital would be allocated to gold ETFs. The remaining 49% would be invested into crypto ETFs. 

Unclear Whether Dual Crypto ETF Has Been Filed Yet

In its report, SBI mentioned the efforts of the Financial Services Agency (FSA) to reclassify crypto assets in Japan. 

There have already been reports that the company has filed for the ETF with the FSA, but it remains unclear whether a formal document has been submitted or if the ETFs are still in the pre-filing stage. 

SBI Holdings did, however, say that it aims to launch the products “upon regulatory approval.” 

SBI Holdings Also Plans To Expand Into Stablecoins

Along with the proposed ETFs, SBI Holdings also said that it seeks to expand into USD-pegged and JPY-pegged stablecoins.

For USD-backed coins, SBI Holdings said in its report that it would like to expand USD Coin’s (USDC) use cases in Japan through a joint-venture agreement with the stablecoin’s issuer, Circle. It also wants to begin handling Ripple’s RLUSD “within this fiscal year.” 

With regards to the JPY-backed stablecoins, the firm noted that issuing entities in Japan are currently limited to “banks, fund transfer service providers, and trust companies.” 

It then said that it plans to provide “various financial services centered on stablecoins.” These services will all be connected with SBI Group’s securities and banking functions “in the future,” it wrote in the report.