On July 13, 2026, during WebX, the "Japan RWA, Stablecoin, and BNB Ecosystem Closed-Door Forum" was held at the Toranomon Alcea Tower Conference Center in Tokyo. Hosted by ASIAN STAR and co-hosted by Hash Global, with BNB Chain as the blockchain ecosystem partner, the event brought together Japanese traditional financial institutions, listed companies, real-world asset providers, stablecoin issuers, and Web3 infrastructure teams to engage in in-depth discussions on tokenizing real-world assets (RWA), stablecoin settlement, global distribution, and institutionalized on-chain finance.
From Asset Tokenization to Institutional Financial Infrastructure
In his opening address, Wu Wenwei, Chairman of ASIAN STAR, stated that Japan possesses high-quality real assets with stable cash flows and solid credit foundations, including real estate, real estate investment trusts, fund interests, and REIT-related assets. ASIAN STAR understands RWA as the digitalization and global distribution of assets under compliance, rather than merely token issuance; governance, valuation, disclosure, KYC/AML, and investor suitability management are essential foundations for connecting Japanese assets to the global on-chain financial system.
During the keynote session, Sean Wu discussed the liquidity potential of Japan’s approximately ¥30 quadrillion real estate market, presenting ASIAN STAR’s approach to asset segregation, tax efficiency, and compliance management through Japanese GK-TK structures. He further outlined how, combined with BNB Chain’s low-cost settlement, institutional-grade custody, and DeFi protocols, real estate and trust interests can gain enhanced capabilities for automated yield distribution, collateralized financing, and reinvestment. All market size and yield data shared were presented live.
Zach of BNB Chain noted that the RWA industry is shifting from explaining “what RWA is” to addressing “how to scale it.” Tokenized assets with genuine financial value should not remain mere digital tokens in wallets, but must be usable in real financial scenarios such as collateralization, lending, payments, and settlement. BNB Chain aims to provide Japan’s assets with more efficient distribution and application infrastructure through its global user network, stablecoin ecosystem, and on-chain liquidity.
Hash Global founder KK proposes a synergistic framework: "Japanese quality assets + USD/JPY stablecoins + BNB Chain global liquidity." The Japanese market ensures asset authenticity, compliance, and investor protection, while the public blockchain ecosystem provides international distribution, settlement efficiency, and subsequent liquidity. He also defines BNB as a "value-utilization token" that combines value capture with practical utility, and believes it is gradually becoming the most fundamental asset in the open finance system.
Kimio Mikazuki, Representative Director and CEO of Osaka Digital Exchange, shared the current state of Japan’s security token market. According to his presentation, the cumulative issuance volume of security tokens in Japan is approximately JPY 350 billion, primarily consisting of real estate beneficiary securities and corporate bonds; meanwhile, the market remains largely dominated by private blockchains and traditional broker-dealer distribution, with significant potential for expansion in connecting with global Web3 users, public blockchain ecosystems, and on-chain secondary liquidity.
Liquidity begins with trust, compliance, and high-quality assets.
The first panel, "Tokenization of Real-World Assets and Regulatory Boundaries," was moderated by Zhou Ruoyun, Head of Antalpha Japan, and featured participants Kimio Mikazuki, Henry, Founder and Group CEO of DigiFT, Kunaal, Head of Institutional Business for Asia Pacific, Middle East, and North Africa at Ondo Finance, and Bridget, CEO of Asseto. The panelists collectively agreed that putting assets on-chain is not the end goal; liquidity first stems from credible underlying assets and genuine two-way trading demand, and depends on clear regulation, licensed partners, institutional custody, transparent disclosure, cross-market distribution, and market-making mechanisms.
Participants also emphasized that compliance is not merely a cost or restriction, but rather the foundational infrastructure for institutional capital entry, asset security, and accountability. For RWA projects, it is essential to first validate asset quality, product-market fit, and global distribution capabilities before selecting an appropriate tokenization structure, avoiding tokenization for its own sake.
Stablecoins serve as the key settlement layer connecting Japanese assets with global capital.
The second panel, "Stablecoins, On-Chain Settlement, and Global Liquidity," was moderated by KK and featured Yoshida Seihaku, Founder and CEO of HashPort, Jong representing BNB Chain, and Athena Yu, CEO of United Stables. The discussion focused on how the Japanese yen stablecoin could evolve from a domestic payment tool into a cross-border settlement and global distribution channel for Japanese assets.
The panelists believe that the foundational pillar of stablecoins is trust—encompassing brand reputation, licensing, AML systems, reserve management, and predictable minting and redemption mechanisms. Beyond this, issuers must establish reliable fiat on- and off-ramps, cross-currency liquidity pools, and partner distribution networks. As the supply and use cases for Japanese yen stablecoins expand, they are poised to form more efficient on-chain settlement cycles with assets such as Japanese real estate, listed equities, and money market funds.
Regarding the conditions for implementing Japan’s RWA pilot, participants noted that the initial projects must simultaneously include clearly licensed partners, compliance and privacy tools, institutional custody, investor suitability management, stablecoin settlement, fiat on-ramps, and real global distribution and secondary liquidity solutions. High-quality assets, trusted institutions, and a relatively clear regulatory foundation are Japan’s core advantages; the key challenge for the next phase is connecting global on-chain capital and users.
Sign a strategic cooperation MOU to jointly advance the Japanese real estate fund project.
At the conclusion of the event, ASIAN STAR and Hash Global held a signing ceremony for their strategic cooperation MOU. Chairman Wu Wenwei and KK signed and exchanged documents on behalf of their respective organizations. According to information disclosed at the event, the two parties will collaborate on the development of Japan’s real estate fund projects within the BNB Chain ecosystem, jointly exploring synergistic pathways for compliant asset issuance, on-chain settlement, global distribution, and liquidity building.
This closed-door forum continued the discussions following the Hong Kong BNB Institutional Forum and established more concrete dialogue between Japan’s traditional financial institutions, asset owners, stablecoin issuers, and blockchain ecosystems. As regulation, institutional participation, and on-chain infrastructure gradually mature, opportunities for RWA in Japan are no longer limited to “digitizing assets,” but extend to building institutionalized financial infrastructure covering issuance, settlement, distribution, trading, collateralization, and asset management. ASIAN STAR, Hash Global, and BNB Chain ecosystem partners will continue to connect high-quality Japanese assets with global Web3 capital, helping real-world assets reach broader on-chain applications.