The partnership to turn crypto into cash.

SBI Remit moves money for 650K+ workers in Japan. Fasset moves money for 500K users in the markets those workers send to. The next decade of cross-border money will run on stablecoin rails — and the winners will handle cash-into-crypto on the entry side and crypto-into-cash on the exit side, in one regulated motion.

SBI Remit

Japan · the entry

650K+

KYC'd customers

250K

cash endpoints

14yr

FTSP licensed

¥2T+

cumulative volume

Japan's largest remittance fintech. The only Japanese institution to have launched and operated a stablecoin-bridged corridor.
The agent network. ~250K endpoints via MoneyGram + Tranglo across 200 countries.

⟶ Cash into crypto

Tokyo

SETTLEMENT ANCHOR

Crypto into cash ⟵

Fasset

EM corridors · the exit

500K

users (Oct 2025)

$24B

USDT vol (annualised)

jurisdictions licensed

payout markets

Multi-chain stablecoin orchestration. USDC, USDT, JPYC, RLUSD across XRPL + Ethereum + Stellar.
The only player spanning Layers 2-3-4 of the programmability stack. World's first stablecoin-powered Islamic digital bank (Malaysia, Oct 2025).

SBI Remit already serves the workers who send money home. This partnership lets SBI Remit also serve the families who receive it — not as a one-time transaction, but as the entry point to a financial life.

⟶ A relationship that begins where the cash collection used to end

21→58

01 · Reach

Bank-account-grade corridors, after partnership.

−70%

02 · Capital

Pre-funding capital unlocked across SBI Remit's nostro footprint.

+25-40%

03 · Revenue

SBI Remit three-year revenue uplift, base–upside range.

The value proposition · changing the journey

For SBI Remit's customers, remittance is just the beginning.

Today, when one of SBI Remit's 650,000 customers sends money home, the relationship ends at cash collection. With this partnership, that same remittance becomes the first product in a financial life — a card her family spends on Tokopedia, savings that earn yield in tokenized gold, a wallet that holds value in stablecoins instead of evaporating into a one-way wire. Same first transaction. A completely different second one.

Anh Linh's family · the journey

From a one-time wire to a financial life · ¥80,000 sent · Hanoi received

5 stages

ONE KYC

One KYC verification

Five product tiers.

01 · SEND

Send

¥80,000 · Today's transaction

02 · RECEIVE

Receive

~3 min · On-chain settle

03 · HOLD

Hold

USDC · gold · yield

04 · SPEND

Spend

Card · Tokopedia · Vinmart

05 · SAVE

Save

Yield · growth · for kids

Lifetime value

+2.4×

Capital unlocked

−70%

Markets reached

21 → 58

Settlement

~3 min

One KYC verification. Five product tiers. The same customer who walks into a FamilyMart to send ¥80,000 home walks out having opened a savings product, activated a card her family will use tomorrow, and started building a financial life across two countries — all under SBI Remit's brand.

+2.4×

Lifetime value

Wallet to savings to financing to treasury.

−70%

Capital unlocked

Pre-funding nostro float released to balance sheet.

21→58

Markets reached

Bank-account-grade reach across MENA, Africa, EU, Americas.

The structural unlock

From a transaction. To a relationship.

Settlement compresses 99%. Capital is freed. Reach multiplies. But the deeper change is upstream of all of that: the remittance is no longer where the SBI Remit relationship ends. It is where it begins.

Why now · the structural shift

The yen rail is being rebuilt. Tokyo gets to choose whether it anchors.

For seventy years, cross-border remittance moved on correspondent banking. In the last eighteen months, the largest payment institutions in the world have publicly committed to replacing it. Visa. JPMorgan. Stripe. Project Pax. MoneyGram-Stellar. The rail is being assembled in real time. The only question left is who anchors the JPY corridor on it.

How we got here · the rebuild calendar

Eighteen months. Seven institutional commitments. One direction.

Oct 2025

JPYC · FSA

Japan's first regulated yen stablecoin · live on Ethereum + Avalanche + Polygon

Q4 2025

Project Pax

MUFG · SMBC · Mizuho · ¥1T plan on Progmat (SBI-backed)

Q4 2025

Stripe · Bridge

$1B+ acquisition · powers Visa stablecoin card-issuing

Dec 2025

Doppler · SBI

MOU · SBI's own stablecoin partnership

Q1 2026

Visa · Mastercard

$4.5B annualised stablecoin run-rate · 460% YoY growth

Apr 2026

MoneyGram · Stellar

Multi-year extension · Colombia + El Salvador live · Asia next

Q2 2026

JPYSC · SBI

SBI Shinsei Trust Bank · Type III · institutional yen stablecoin launching

Each marker is a public commitment by a major institution to stablecoin-rail settlement, made within the last eighteen months. None is a one-off. The rail will be built. The only variable now is who anchors the yen leg of it — and whether SBI Remit sits at the centre of that build, or migrates onto it after it is finished.

The four pillars · what no one else has

No other Asian centre has this stack. Only Tokyo. Only SBI Remit.

No other Asian financial centre has all four. This isn't a story Singapore, Hong Kong, or Dubai can tell. Only Tokyo. Only SBI Remit.

The competitive map

Everyone else builds half the loop. SBI Remit closes it.

The competitor

The strategy

The structural gap

Kraken

Operates with very few licences outside the US. Routes through MoneyGram's fragmented third-party agent network in 100+ countries to collect local currency, then routes back to Wyoming for crypto conversion.

Owns no licences outside the US. Cannot anchor a sovereign corridor; rents the cash leg from a partner.

Ripple

Built the settlement rail and the technology, with deep institutional relationships — including SBI's nine percent equity stake.

Has the rail; lacks the licensed retail entity in the receiving markets where remittance lands.

MoneyGram-Stellar · Stripe-Bridge

Each operates one direction of the loop — cash-to-crypto OR crypto-to-cash — never both under one regulated roof.

Half the loop. Not a unified motion.

SBI Remit is the only operator in the world with the cash payout network, the institutional remittance licensing, and the JPY-anchored regulatory home. Fasset is the only digital partner that arrives with eleven jurisdictions licensed and deep liquidity already moving. The full loop has been impossible to assemble — until now.

The window

Two quarters. Then the rail is built without us.

JPYSC launches in Q2 2026. Project Pax scales through Progmat. JPYC is already live. By Q4 2026, the institutional yen rail is operational — built by Japanese megabanks, US payment networks, and stablecoin issuers. SBI Remit can lead this build, or migrate onto someone else's.

Decision window: open today. Estimated to close Q4 2026.

The reach

Triple the footprint. One integration. Same product.

SBI Remit serves twenty-one markets today with bank-account-grade, digitally-native reach. Beyond that, the remaining global footprint runs through MoneyGram cash-pickup — a different product, costlier to the customer, lower-margin, and outside the digital wallet experience SBI Remit's customers have come to expect. The partnership extends SBI Remit's bank-account-grade reach to fifty-eight markets — across MENA, Africa, Europe, the Americas, and Oceania on a single stablecoin rail. One integration. Same digital-native product. Triple the addressable footprint.

Japan is the hub. Stablecoin is the rail.

Twenty-one corridors today, anchored at Tokyo. Fifty-eight after the partnership — the same product, in three times as many markets.

SBI Remit corridors today (21)

Fasset corridors added (37)

Third-country routing

A corridor map of the world

SELECT A NODE

Each node is a market. Each line a settlement corridor.

Direction—

Settlement (today)—

Settlement (after)—

Customer cost—

21→58

01 · Reach

Bank-account-grade corridors.

02 · New markets

Across MENA, Africa, Europe, Americas.

T+0

03 · Settlement

Every corridor. Every direction.

What this means in practice

Same product. Three times the footprint.

Today an SBI Remit customer in Osaka sending to Mexico routes through MoneyGram cash-pickup at 5–7% — outside the SBI Remit digital experience. After the partnership: that same customer sends through the SBI Remit app, lands in a Mexican bank account at 0.8%, T+0. Not a new product for SBI Remit's customers — the existing product, finally available everywhere it should have been.

Five real customer journeys

Same trust. New journeys.

SBI Remit already pioneered the crypto-bridge thesis in Japan — live since 2017 on Ripple's rails, and bank-account-grade XRP settlement to the Philippines, Vietnam, and Indonesia since September 2023. That model works. What this partnership adds is two things SBI Remit cannot deliver alone today: the wallet, spend, and save layer above the cash collection — and the same proven settlement model extended from three live corridors to fifty-eight.

Settlement is already fast. The wallet above it is what's new.

A Vietnamese factory worker sends ¥80,000 home each month. SBI Remit's XRP-bridged corridor (live since Sept 2023) already settles in ~3 minutes. The partnership keeps that — and adds a wallet, card, savings, and spend layer that lives on after the transfer.

Anh Linh

Vietnamese factory worker · Osaka → Hanoi

¥80,000

MONTHLY

SHOWING: TODAY

Settlement (today)

~3 min · XRP

Cost (today)

0.95% + spread

After

~3 min · 0.6%

What changes

Wallet · card · save

A revenue line that doesn't touch SBI Remit's books today.

A Filipina nurse in Dubai sends AED 1,500 to her brother in Tokyo. Today this leaks to Wise, hawala, and bank wire — none of which touches SBI Remit. With the partnership, Fasset's UAE entity (VARA-licensed) becomes the entry point and SBI Remit becomes the receiving institution. Net-new corridor.

Maria

Filipina nurse · Dubai → Tokyo brother (inbound)

AED 1,500

PER SEND

SHOWING: TODAY

Today on books

¥0 · zero capture

Customer cost

1-6% across rails

After · captured

FX margin · ¥61,008

Net-new customer

Brother joins SBI

The customer who today disappears. Tomorrow stays for life.

A Vietnamese TITP returnee with ¥2.4M savings flies home — and her NEOBANK account closes on departure (residency requirement). Today SBI Remit loses her. With the partnership, her wallet survives the visa. ~58K Vietnamese returnees/yr; ~108K+ across all TITP nationalities.

Linh (post-TITP)

3 yrs in Mie · returning to Hanoi · ¥2.4M savings

¥2.4M

SAVINGS

SHOWING: TODAY

Today · departure

Account closes

Cohort lost/yr

~58K Vietnamese

After · retention

Wallet · save · spend

All TITP nationalities

~108K+/yr

A treasury product SBI Remit cannot offer at scale today.

A Tokyo SME pays three Hanoi suppliers $40K/month. Today: Mizuho TT, SWIFT, T+2, 2.5–3.5% all-in, manual reconciliation. With partnership: programmable JPY → USDC → VND, T+0, ~0.4%, on-chain audit-ready. Extends SBI's existing 5-country corporate remittance to 11 Fasset markets for sub-$50K SME segment.

Tanaka Auto Parts

Tokyo SME · 3 Hanoi suppliers · B2B treasury

$40K

MONTHLY

SHOWING: TODAY

Today · settlement

T+2

Today · cost

2.5–3.5% all-in

After · settlement

T+0

After · cost

~0.4%

The 250K agents become the inbound FX gateway.

An Indian tourist arrives at Narita with ₹50,000. Today: Travelex/airport (3–5%), forex card (3.5%), or ATM (¥220 + 1–3%) — long queues. With the partnership: scan a QR at FamilyMart, UPI/PhonePe debit → USDC → JPY in ~90 seconds at ~1.2%. Konbini becomes the FX gateway for 42.7M visitors / ¥8.1T inbound spend (2025).

Priya

Indian tourist · arrives Narita · konbini gateway

₹50,000

TRIP BUDGET

SHOWING: TODAY

Today · time

5–15 min queue

Today · cost

5–7% stacked

After · time

~90 sec

After · cost

~1.2%

The pattern across all five

The remittance is the door. Five doors, opening into one financial life.

Anh Linh's family becomes a multi-product customer. Maria's brother joins the base — net new. Linh's relationship survives her visa. Tanaka gets a treasury product his SME cannot get from any Japanese bank. Priya stops paying FX twice. Three of these five revenue lines do not exist for SBI Remit today. Two extend its existing customer base into product lines that compound. None require SBI Remit to change its brand, its agents, or its customer-facing app.

The cash gateway · 70% of float, freed

The largest regulated cash network in remittance — with the float removed.

Today, SBI Remit's 250K endpoints across 200+ countries (MoneyGram + Tranglo + regional banks) require pre-funded local-currency accounts. The float that sits in 200 nostro accounts is capital that could be earning. Stablecoins bring it home.

250K

Endpoints

MoneyGram + Tranglo + regional banks. Underlying MoneyGram network: ~470K agents (2026).

200+

Countries

Per SBI Remit corporate page; cash payout via MoneyGram.

70%

Capital release

Industry benchmark range 70–90%.

¥2.1B/yr

Yield · base case

¥75B nostro × 70% × 4% yield. Synthetic. Diligence required.

The model that worked — and why SBI Remit's runs better

Kraken built a global business by leasing MoneyGram. SBI Remit owns both ends — already.

Capability

Kraken (rented)

SBI Remit (owned)

Settlement licence

Wyoming

JFSA · Tokyo

Cash network

Leased

Owned access

Last-mile EM

MoneyGram only

+ Tranglo + Fasset (11 jurisdictions · $24B USDT annualised)

Stablecoin issuance

Third-party

RLUSD · JPYC · JPYSC · USDC (in-group)

Currency hub

USD only

JPY + 14 currencies

Structure

Two firms

One coordinated group

The structural position · what's already built and what it unlocks

WHAT TOKYO + SBI REMIT ALREADY HOLD

The position is built. The capital sits idle.

FTSP · 2010

Regulatory anchor

Licensed since 2010. PSA amendment (2023) made FTSPs stablecoin-eligible — and SBI Remit was the first.

30+

Multi-currency depth

Currencies managed daily by Tokyo's largest banks — the deepest non-USD nostro footprint in Asia.

¥1T+

Institutional liquidity

Cumulative SBI Remit volume to date — proof of operational scale.

250K

Cash endpoints

MoneyGram + Tranglo + regional banks across 200+ countries.

WHAT THIS PARTNERSHIP UNLOCKS

Capital comes home. Reach triples. Settlement clears.

−70%

Pre-funding capital released

¥1.1B–¥3.4B/yr in yield on freed nostro float — conservative to upside range.

21 → 58

Bank-account-grade reach

The same product extended across MENA, Africa, Europe, Americas, Oceania — one integration.

T+0

Atomic settlement

Every corridor, every direction. Settlement risk approaches zero.

+25–40%

3-year revenue uplift

From new product lines, retained returnees, and inbound corridors that bypass Japan today.

Architecture · 5-stage flow

Same agent. Five outbound product types. Float gone.

Each agent — five product lines, not one

¥80–150

Margin per agent transaction

+18-25%

3-yr revenue uplift per agent

8,100

FamilyMart fami-port stores

24/7

Lawson + Japan Post ATMs

No new agents. No infrastructure spend. Five products per existing touch.

Kraken built a global business by leasing someone else's network. SBI Remit already owns its own — anchored at Tokyo.

What changes operationally for SBI Remit

Float drops. Speed rises. Reach doubles.

Six metrics. All proportional. Absolute conversion belongs in diligence.

What doesn't change

≤+5% FTE addition·−80% reconciliation effort·0 new agents (250K stays as-is)·0 brand changes

The build sits on Fasset's side. SBI Remit ships the same product, more profitable.

Three scenarios · 3-year window

Float released

−70%

Revenue growth · 3yr

+30%

Net-new customers

+30%

Agents activated · of 250K

10%

Six metrics. One pattern. Capital comes home, cost compresses, reach doubles — without changing the customer-facing product.

Cross-border payment opportunities for SBI Remit

Six revenue lines. Zero cannibalisation.

Six streams that do not exist on SBI Remit's P&L today. Same brand, same agents, same Japan regulatory home.

PERSONA · ANH LINH · WALLET & CROSS-SELL

From a wire transfer to a multi-product household.

The same FSA-KYC'd customer becomes savings, FX, treasury, and financing — all under SBI Remit's brand, all on Fasset's stack. Stablecoin card, gold, yield products.

+1.8–2.4×

LTV

PERSONA · MARIA · INBOUND DIASPORA

The flows that bypass Japan today, routed back home.

Filipina nurse in Dubai sending to a Tokyo brother. UAE, Saudi, Korea, US Filipino/Vietnamese cohorts that today leak to Wise, hawala, and bank wires — net new to SBI Remit.

+15–25%

NEW BASE

PERSONA · LINH · RETURNEE RETENTION

The wallet survives the visa.

~30% of the TITP cohort rotates annually. Each retained returnee continues as a wallet customer post-departure instead of dropping off SBI Remit's books. ~58K Vietnamese returnees · 108K+ all TITP/yr.

~58K/yr

RETAINED

PERSONA · TANAKA · B2B SME TREASURY

A treasury product Japanese banks won't profitably build.

Programmable JPY accounts. SBI Remit corporate today covers 5 countries → extends to 11 Fasset jurisdictions. The sub-$50K SME segment Mizuho, MUFG, and SMBC ignore.

+8–15%

SME REVENUE

PERSONA · PRIYA · TOURIST FX

The konbini becomes the FX gateway.

42.7M visitors · ¥8.1T inbound spend (2025). 5–7% airport spread compresses to ~1.2% via QR scan at FamilyMart, Lawson, 7-Eleven. SBI Remit captures the margin Travelex and airport bureaus take today.

1.0–1.5%

PER TICKET

INSTITUTIONAL · SOGO-SHOSHA ROUTING

Tokyo as the natural treasury hub for Japanese trading houses.

Mitsui · Mitsubishi · Sumitomo · Itochu · Marubeni — 200+ offices in 60+ countries that need yen-stablecoin distribution. Synthetic — diligence required.

0.20–0.40%

ROUTED VOLUME

Structural revenue · compounds over time

JPYC + JPYSC distribution

Japan's yen-stablecoin export needs distribution

JPYC live (Oct 2025 FSA approval) + JPYSC Q2 2026 launch · SBI Shinsei Trust Bank issuer · SBI VC Trade distributor. Fasset's 11 jurisdictions = the channel.

Agent transaction commissions

Each of 250K agents earns net-new margin per new product type

0.30–0.50% on agent-mediated volume · compounds with activation cadence. Already covered economically in Section 06.

Six lines that don't exist on the P&L today. Two more that compound on the rails already shipping.

Live in 90 days · scaled in 36 months

Three corridors in three months. Five personas in three years.

The same five customers we met in Section 5 — Anh Linh, Maria, Linh, Tanaka, Priya — show up across four phases. Each gate is a real KPI, not a hand-shake.

What the customers see, phase by phase

Phase 1 · 0-3 mo

Anh Linh's family gets the same app — faster.

Phase 2 · 4-9 mo

Maria's brother becomes an SBI Remit customer.

Phase 3 · 10-18 mo

Linh's wallet survives her flight home. Tanaka's SME pays Vietnam programmatically.

Phase 4 · 19-36 mo

Priya scans a QR at the konbini. The network compounds.

Horizontal stepper · 4 phases · 3 gates

Foundation

0-3 mo

Pilot live · 3 corridors

Expansion

4-9 mo

25+ corridors · float ↓50%

B2B + inbound

10-18 mo

Float ↓70% · revenue +30%

Network scale

19-36 mo

01 · Foundation

0-3 months

3 corridors live · VN · ID · PH

Stablecoin overlay on existing XRP rail

Customer experience identical to today

Fasset · buildSBI · UX prep

→ Gate 1

02 · Expansion

4-9 months

6 → 25+ corridors

India · UAE · Brazil · Mexico added

Returnee wallet pilot (TITP cohort)

Fasset · corridorsSBI · agent prep

→ Gate 2

03 · B2B + inbound

10-18 months

SME treasury product live

Inbound diaspora rails open

Tier 1 agent activation begins

Fasset · railsSBI · B2B + agents

→ Gate 3

04 · Network scale

19-36 months

Full 58-corridor coverage

JPYC + JPYSC distribution at scale

Tourist FX live nationwide

Fasset · scaleSBI · full network

(sustaining)

The three gates · measurable · mutual exit

Gate 1 · M3

Pilot proven

≥95% success · 3 corridors

<5 min settlement · all 3

Customer cost <0.7% all-in

Either party may decline · no penalty

Gate 2 · M9

Scale proven

25+ corridors operational

Float reduction ≥50%

Returnee retention pilot live

Either party may exit · pro-rata cost

Gate 3 · M18

Margin proven

Float reduction ≥70%

3-yr revenue uplift +25%

B2B + inbound margins on plan

Mutual Year-3 termination right

Mutual safeguards · what protects both sides

For SBI Remit

Brand control. Customer experience and app remain unchanged through all four phases. Regulatory primacy. SBI Remit holds the customer relationship and the FTSP licence; Fasset's role is back-end orchestration. Reversibility. Each gate is an exit point. No multi-year lock-in.

For Fasset

Volume commitment. Pilot corridors carry minimum monthly volume floors. Corridor commitment. Phase 2 expansion is a contractual commitment, not a renegotiation point. Mutual termination. Year-3 exit is bilateral; protects both sides from one-sided dependency.

A respectful proposal · not a transaction

The deal · structured for trust

A partnership built like a banking relationship, not a vendor contract.

Five stages. Three gates. One mutual termination right. Designed so both sides have skin in the game and either side can step back at every milestone. The structure below is what we'd put in front of legal — but it is also a values statement: this is a partnership of equals, not a service contract.

Division of responsibility

SBI Remit holds

Customer relationship · brand · app · UX

FTSP licence · KYC · AML · regulatory primacy

Cash agent network · 250K endpoints

Inbound + outbound corridor decisions

JPY treasury · float allocation · capital decisions

The customer-facing institution. Anchored at Tokyo.

Fasset delivers

Stablecoin orchestration · USDC · USDT · JPYC · JPYSC

11-jurisdiction licensed last-mile

Wallet · card · save · spend product layer

API connections to partners where direct rails don't exist

FX hedging · treasury automation · reconciliation

The infrastructure layer. Working in the background.

Five stages · commercial terms inside

STAGE 01

MOU

Non-binding alignment on partnership shape, scope, and gates.

2 weeksNo commercial

Terms

Within one quarter of signing. Letter of intent. Mutual exclusivity for the JPY-stablecoin remittance category. No financial commitment from either side.

STAGE 02

Pilot agreement

3 corridors · revenue split · gate definitions.

4-6 weeksBinding

Terms

60/40 split on outbound corridor revenue (SBI/Fasset). 50/50 on net-new corridors Fasset opens. Gate 1 KPIs are contractual triggers, not aspirational. Either party may decline at Gate 1 with no penalty.

STAGE 03

Scale agreement

25+ corridors · BPS settlement · volume floors.

8 weeksBinding

Terms

BPS-based settlement on Fasset's side replaces flat % at scale. Volume floors per corridor. Pro-rata exit cost at Gate 2 protects the build-side investment.

STAGE 04

Full operating agreement

B2B + inbound + tourist · governance · annual review.

12 weeksBinding

Terms

Joint governance committee. Quarterly business review cadence. Annual KPI reset. Mutual Year-3 termination right protects both sides from one-sided dependency.

STAGE 05

Sustaining mode

Network compounds · co-investment optional.

M19+Open-ended

Terms

Co-investment optional · not required for partnership continuation. JPYC/JPYSC distribution channel formalised. Either party may renegotiate annually with 6-month notice.

Path to signing · 3 milestones

Alignment

First conversation

Senior leadership table. Partnership shape, scope, and mutual interest. Non-binding.

MOU

Letter of intent

Within one quarter of alignment. Mutual exclusivity for the JPY-stablecoin remittance category. Diligence begins.

Pilot

Three corridors live

Binding agreement. Three corridors operational on existing Fasset infrastructure. Gate 1 KPIs become contractual triggers.

A partnership of equals. Built so both sides win — or both sides walk.

Three measurable gates · mutual termination at Year 3 · clear division of responsibility

⟶ The values close

What we sign is what Anh Linh, Maria, Linh, Tanaka, and Priya live.

Every clause in this contract resolves to a customer outcome. Anh Linh's family becomes a multi-product household. Maria's brother joins SBI Remit's customer base — net new. Linh's wallet survives her flight home. Tanaka's SME gets a treasury product his Japanese bank cannot deliver. Priya stops paying FX twice. SBI Remit owns those relationships. Fasset delivers the rails beneath them. That is the partnership.

Sources cited in this proposal

The data behind every claim.

Primary regulator publications, market data from named analysts, public institutional announcements. All claims sourced.

SBI Remit · profile reference

Who's on SBI Remit's side.

Key People

Strategic Partners

Customer Base

Merchants & Cash Network

Sources · primary & secondary

Regulatory frameworks

Japan FSAPayment Services Act amendments (June 2023); JPYC approval (Oct 2025)
US Treasury / OCCGENIUS Act of 2025 (signed July 18, 2025)
European Banking AuthorityMiCA stablecoin provisions (effective Dec 30, 2024)
Hong Kong Monetary AuthorityStablecoin Ordinance (May 2025)
Monetary Authority of SingaporeSCS framework (Aug 2023)
UAE Central BankPayment Token Services Regulation (2025)

Market data & volume

Artemis · Bloomberg$33T stablecoin volume 2025, +72% YoY
Visa Onchain$4.5B annualised stablecoin settlement (Jan 2026)
BVNK · Visa$6B/mo B2B stablecoin (60× growth)
ChainalysisJapan crypto adoption +120% YoY
McKinseyStablecoins 5-10% of cross-border by 2030
EY-Parthenon54% corporates planning adoption within 12 months

Cited industry signals

JPMorgan OnyxJPM Coin to public chains (Nov 2025)
Stripe / Bridge$1B+ acquisition (2025)
PayPalPYUSD global expansion (Q1 2026)
MoneyGram / StellarUSDC live in Colombia + El Salvador (Apr 2026)
Visa / Bridgestablecoin card-issuing (Dec 2025)
Doppler · SBIMOU (Dec 2025)

Japan-specific context

Project PaxMUFG/SMBC/Mizuho on Progmat (Q4 2025)
ProgmatSBI Holdings is among the backers
JPYC Inc.First FSA-approved yen stablecoin (Oct 2025)
Japan MHLW2.57M foreign workers (Jan 2026 release)
Mitsubishi CorpFirst corporate user · 240+ subsidiaries

LATAM remittance data

Bitso$6.5B US-Mexico crypto remittance, 2024
Felix Pago$1B+ via USDC-to-SPEI
Bybit Research$112B non-US LATAM opportunity
Conduit$10B annualised stablecoin settlement

Industry analysis

FXC Intelligence$1.5B+ raised by 19+ stablecoin payment players in 2025
Bernstein Research$2.8T stablecoin circulation projection by 2028
Standard Chartered$1T deposit migration projection
BVNK Stablecoin Utility Report 202640% lower cost than traditional channels

A note on numbers

All figures in this proposal are sourced from public regulator publications, market intelligence from named analysts, and SBI Remit's own corporate disclosures. Synthetic estimates (capital release scenarios, revenue uplift ranges, sogo-shosha routing margin) are explicitly marked. Diligence and joint working sessions will replace synthetic figures with bottom-up modelling on actual SBI Remit data.