digital assets

Singapore Milestone: Asia’s First Physically Deliverable Bitcoin Note Completes Lifecycle

Ericsenz Capital, a Singapore-based investment firm licensed by the Monetary Authority of Singapore (MAS), has announced the successful completion and settlement of Asia’s first physically deliverable Bitcoin Dual-Currency Note (BTC DCN).

The three-month institutional digital asset product, which launched in December 2025, was distributed by SBI Digital Markets—a subsidiary of Japan's SBI Group. The transaction marks a notable milestone in bridging traditional capital market infrastructure with digital assets.

Key Transaction Details

Structure & Yield: The BTC DCN allowed accredited and institutional investors to earn an annualized coupon of 20%. In exchange, investors committed to purchasing Bitcoin at a predetermined strike price below the prevailing market levels at the time of inception.
Settlement: The note has matured and settled, completing its full lifecycle from structuring and issuance through distribution and physical delivery.
TradFi Integration: Designed for institutional compatibility, the product utilized recognized post-trade and settlement infrastructure, including Clearstream and Euroclear.

Institutional Collaboration

The transaction brought together several prominent market participants across the digital asset value chain:

Ericsenz Capital served as the product designer and structuring lead.
SBI Digital Markets acted as the primary distributor, leveraging its regulated framework to target professional investors.
B2C2, ISP Securities AG, and GenTwo provided the core underlying infrastructure supporting liquidity, issuance, custody, and settlement.

Looking Ahead

The successful settlement comes amid expanding institutional demand from asset managers, banks, and family offices seeking digital asset exposure wrapped in traditional governance frameworks.

Following this completion, Ericsenz Capital disclosed plans to expand its digital asset structured products. The firm's upcoming issuances are slated to incorporate Ondo Finance's USDY as yield-bearing collateral, backed by institutional liquidity from B2C2.

Japan’s Capital Markets — Where Next?

In May, the Asia Society Japan hosted a discussion to examine the forces reshaping corporate Japan, with the following popular panelists participating: * Jesper Koll (Moderator): A well-known economist, strategist, and prominent "Japan optimist." He has spent decades analyzing Japanese macroeconomics and capital markets. He frames the discussion,

Japan’s Top Remittance App "Smiles" Launches in U.S., Targeting USD 50bn+ Migrant Market

Tokyo-based FinTech firm Digital Wallet Group (DWG) has launched its flagship remittance platform, Smiles Mobile Remittance, in the United States. The move marks a significant North American expansion for the company as it targets the country's estimated 51.9 million migrant population. Smiles, which launched in 2017

Hokuriku Bank and DeCurret DCP Partner to Commercialize Tokenized Deposit "DCJPY" by FY2027

Hokuriku Bank, a subsidiary of Hokuhoku Financial Group, and digital infrastructure firm DeCurret DCP have signed a basic agreement to commercialize a digital currency settlement platform powered by DeCurret’s "DCJPY Network," with an official target to launch commercial services within fiscal year 2027. The initiative centers on

Japan FinTech Observer #168

Welcome to the one hundred sixty-eighth edition of the Japan FinTech Observer. This week, we are excited to have new subscribers join us from BlackRock, DZ BANK AG, the Kazakhstan Stock Exchange, Bangko Sentral ng Pilipinas, and Rakuten, among others 🙏 The Bank of Japan concluded its June Monetary Policy