SBI and JAPAN. Look at what’s being assembled. SBI has spent a decade building an ecosystem. Not just in Japan. Across APAC and Europe. Now connect the dots. JAPAN: • JGB yields are rising, potentially incentivizing capital repatriation. • BOJ collateral changes could reshape financing capacity. • Tokenized JGBs could eventually become cross-border collateral. SBI’S EXPANDING FOOTPRINT: • Osaka Digital Exchange: Security-token marketplace. • Coinhako: Singapore crypto distribution. • Solaris: German banking infrastructure. • Ajaib: Indonesian investment platform. • SBI Shinsei Bank: Regulated banking. • Fukushima + Shimane: Regional banking relationships. • Ondo Finance: Tokenization partnership. • SBI R3 Japan: Enterprise blockchain. • SBI Digital Markets: Institutional tokenization. • South Korea: Financial and payment operations. Don’t overlook B2C2: SBI owns an institutional crypto market maker. NOW PROJECT TRINITY. October 6, 2026. SBI Securities, Daiwa, SMBC and others reported testing stablecoin-based delivery-versus-payment settlement using issued security tokens. Actual settlement mechanics. Not an XRP integration announcement. Add SBI R3 Japan and SBI Digital Markets to the broader picture. Now the questions: • When does Japan’s RLUSD distribution expand beyond Ethereum to XRPL? • What institutional functions could Evernorth’s XRP inventory support? • How might Japan’s proposed 2028 crypto tax changes affect capital deployment? Japan has the banks. SBI has the distribution. B2C2 has market-making capabilities. Project Trinity is testing settlement. The missing question: Where does the liquidity ultimately flow, and which assets are actually required to move it?