I’ve been treating distribution as a domestic question: how tokenized assets reach Japanese investors. SBI’s July partnership with Ondo runs the other way too — it covers tokenizing Japanese assets for global investors on Ondo’s platform, not only bringing Ondo’s products into Japan.
Two details matter more than the headline. Issuance runs through Ondo Global Markets (BVI) Limited, and JPYSC is the settlement and collateral asset. So when SBI needed an issuer for tokenized Japanese equities, it went to a third party — not to Strium, and not to ODX, which it controls.
That complicates Record 004 further. I’m reading the release properly before I revise it.