BlackRock–Coinbase vs. SBI–Coinhako: The U.S. Bets on Tech, Asia Bets on Regulation in On‑Chain Strategy

3-Point Summary

• The U.S. on‑chain strategy is driven by technology through the BlackRock–Coinbase model centered on USDC + Base L2.
• Asia’s SBI–Coinhako model is regulation‑driven, using JPYSC and a multi‑chain, cross‑border settlement architecture.
• Both ecosystems aim for institutional‑grade on‑chain finance, but the U.S. pursues single‑layer expansion while Asia adopts multi‑layer expansion.

Asia’s on‑chain ecosystem is being shaped not by a single chain, but by regulation‑driven, multi‑layer financial architecture.

※ This article is being published in its current version first and will be updated to the final Daily Crypto Time (DCT) format in two days.

BlackRock–Coinbase vs. SBI–Coinhako: The U.S. Bets on Tech, Asia Bets on Regulation in On‑Chain Strategy

The digital asset market is no longer just about choosing an exchange. It has evolved into a competitive landscape where national financial infrastructures diverge based on how institutional capital, regulatory infrastructure, stablecoins, on‑chain RWA (tokenized real‑world assets), and payment networks are combined. This article compresses and compares the two core models being built in the U.S. and Asia.

1) BlackRock + Coinbase: The standard model of the U.S. digital asset ecosystem

BlackRock’s strategy is explained in detail in the previous article “If You Want to Predict the Future of On‑Chain Finance, Look at BlackRock”. Please refer to the link below: https://www.dailycryptotime.com/2026/05/blackrock-onchain-future-en.html.html

The U.S. model combines BlackRock’s institutional capital with Coinbase’s regulated digital infrastructure. USDC and Base L2 sit at the center, forming a single expansion layer where RWA, payments, and DeFi are all processed.

• Institutional capital: BlackRock ETFs, MMFs, U.S. Treasuries
• Regulated infrastructure: Coinbase Custody and regulated exchange rails
• Settlement and scaling: USDC + Base L2
• On‑chain RWA: tokenized U.S. Treasuries, MMFs, ETFs

In short, the U.S. has integrated the digital asset ecosystem through a single pipeline based on “USDC + Base L2”, with a clearly technology‑centric design.

2) SBI Holdings + Coinhako: The Asia‑version BlackRock–Coinbase structure

The background behind SBI’s choice of L1 is discussed in detail in the previous article “The Future of Institutional Settlement Is Already Decided: How SBI and Robinhood Prove the L1–L2 Modular Architecture”. Please refer to the link below: https://www.dailycryptotime.com/2026/07/institutional-settlement-l1-l2-modular-architecture-en.html

In Asia, SBI is building an independent structure tailored to Japanese and regional regulation, rather than simply copying the U.S. model. Through the acquisition of Bitbank, SBI has secured a Japanese digital asset hub, and by issuing the yen stablecoin JPYSC, it is directly constructing the on‑chain settlement layer.

Singapore’s Coinhako, as an MAS‑approved exchange, serves as a regulated gateway for Asian institutional investors to access digital assets. Combined with cooperation with Ondo Finance to tokenize Japanese equities as on‑chain RWA, the following structure emerges:

• Japanese financial infrastructure: SBI + Bitbank
• Singapore regulatory hub: Coinhako (MAS‑approved)
• Stablecoin: JPYSC (yen‑based)
• RWA: tokenized Japanese stocks, bonds, ETFs

Thus, the Asia‑version BlackRock–Coinbase structure is designed around the regulatory hub connection “Japan (FSA) ↔ Singapore (MAS) → Asian institutional market”.

3) The U.S. model’s expansion axis: Base L2

Institutions will never use each other’s L1. The only neutral base everyone can agree on is Ethereum L1, and on top of it, each institution will operate its own L2. A more detailed discussion of this reality can be found in the previous article “Why Stripe, JP Morgan, and Circle Will Never Use Each Other’s Chains — and Why the Future Is L1 + L2”. Please refer to the link below: https://www.dailycryptotime.com/2026/06/why-stripe-jpmorgan-circle-never-use-each-others-chains-l1-l2-en.html

Against this backdrop, the expansion axis of the U.S. model becomes very clear: Base L2, operated directly by Coinbase. Base L2, built on the Optimism Superchain stack, offers high throughput and low fees, and acts as a single expansion layer that hosts USDC payments, RWA, DeFi, and enterprise applications.

• Global payments centered on USDC
• A single expansion layer on Base L2 where RWA, DeFi, and payments all run
• A technology‑driven expansion strategy designed under a unified SEC/CFTC regulatory framework

4) Which blockchains power SBI’s stablecoin, RWA, and cross‑border payment network?

Asia cannot simply adopt a single‑L2 strategy. Regulatory regimes differ by country, and the financial, capital, and payment structures of Japan, Singapore, and other Asian markets are not uniform. As a result, SBI operates a multi‑chain, hybrid architecture that combines public EVM chains, Japanese private chains, and regulated bridges.

• JPYSC: runs across Ethereum, Polygon, Arbitrum, Base, plus Japanese regulated private chains
• RWA: primarily on Ethereum mainnet, with selective expansion to L2s for scalability
• Cross‑border payments: a mix of public EVM chains, Japanese private settlement networks, and regulated bridges connecting Japan ↔ Singapore ↔ the broader Asian region

5) Selling tokenized stocks on‑chain: comparing U.S. and Asian user experiences

U.S.: A single USDC + Base L2 pipeline

In the U.S., when a user sells BlackRock RWA on Base L2, settlement occurs immediately in USDC, and reinvestment or withdrawal can be executed on the same Base L2 environment. Because selling, settlement, and reinvestment all happen on a single chain, the user experience is highly linear and simple.

Asia: A JPYSC + multi‑chain, cross‑border pipeline

In Asia under the SBI model, selling tokenized stocks on a Japanese private chain settles in JPYSC, which then moves to public chains such as Ethereum or Polygon. From there, assets can be traded, withdrawn, or reallocated via Coinhako in Singapore. Selling and settlement occur within the Japanese regulatory perimeter, while distribution and reinvestment open out to the wider Asian market.

Conclusion: The U.S. pursues single‑layer expansion, Asia pursues multi‑layer expansion

The U.S. has chosen a single expansion strategy centered on Base L2. Coinbase’s Base L2 delivers high throughput and low fees, and integrates USDC payments, RWA, DeFi, and enterprise applications into one unified on‑chain layer.

Asia, by contrast, cannot rely on a single L2. Differences in national regulation and financial architecture mean SBI must adopt a multi‑chain, hybrid structure. JPYSC spans public EVM and Japanese private chains, RWA moves between mainnet and L2s, and cross‑border payments traverse regulated bridges.

In summary, the U.S. offers a unified on‑chain experience built on “USDC + Base L2”, while Asia builds a layered experience based on “JPYSC + multi‑chain + cross‑border settlement”. Both ecosystems aim at the same destination—scalable, institutional‑grade on‑chain finance— but their expansion paths diverge: the U.S. is technology‑centric, whereas Asia is driven by regulation, payments, and capital flows.

Younchan Jung
Researcher exploring structural shifts in AI, blockchain, and the on‑chain economy.

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