SBI Holdings, crypto payments network Mesh and Tokyo-listed fintech Money Forward have agreed to form a joint venture to build digital asset connectivity and payments infrastructure in Japan, targeting a launch in the fourth quarter of 2026. The venture would link exchanges and wallets, support onboarding and purchases, provide infrastructure for regulated stablecoins, enable tokenized asset management, and connect digital assets with stablecoin and fiat payment networks. Its launch remains subject to definitive agreements and regulatory approvals, while expansion across Asia-Pacific will be evaluated later. The plan builds on existing ties: Money Forward has invested in Mesh since 2023, and SBI Investment joined Mesh's $75 million Series C in January, valuing Mesh at $1 billion and taking its total funding above $200 million. The agreement comes as SBI expands its digital asset business and Japan prepares a regulatory shift that is expected to place crypto assets under the Financial Instruments and Exchange Act, with most provisions taking effect in 2027. Ownership, funding, the venture's name and required licences have not been disclosed.