Startale’s Vision for the Future of Onchain Finance | Takashi Tezuka at Pragma Tokyo 2026

Takashi Tezuka, Country Manager and CEO of Startale Group, maps the convergence of traditional finance and onchain markets in Japan and globally. He explains Startale’s work with Sony on the Soneium Ethereum Layer 2 and with SBI on yen-denominated stablecoins and the Strium financial blockchain. The talk covers stablecoin growth, tokenized treasuries and money market funds, collateralized trading, U.S. regulatory developments, perpetual markets, and Japan’s evolving rules for crypto assets, security tokens, and taxation. Tezuka argues that the next phase of onchain finance depends less on issuing tokens and more on making programmable assets useful inside regulated financial systems. Coinbase, Hyperliquid, and SBI illustrate how wallets, stablecoins, chains, distribution, and financial products can form vertically integrated platforms. His core framework combines regulated infrastructure, programmable assets, and global openness, with compliant user experiences that allow traditional finance and crypto to meet in the middle. 00:00 Introduction and Speaker Background 01:38 Startale, Soneium, SBI, and Strium 03:11 Three Shifts in Onchain Finance 04:26 Stablecoin Market Growth to 2030 05:38 Tokenized Treasuries and Money Market Funds 06:53 Institutional Collateral and OTC Trading 08:11 U.S. Stablecoin and Securities Regulation 10:23 Perpetual Markets and Institutionalization 11:33 Japan Stablecoins and Payment Rules 12:50 Crypto Tax, Securities, and RWA Policy 15:04 Coinbase and Hyperliquid Case Studies 16:46 SBI’s Vertical Integration Strategy 17:24 Regulated, Programmable, Globally Open 19:09 Closing Takeaways and Next Steps _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 🇯🇵 *Pragma Tokyo 2026* Pragma Tokyo 2026 was held on September 25th at the Toranomon Hills Forum in Tokyo, Japan and was an in-person summit for builders and leaders in the web3 ecosystem. Watch the full Pragma Tokyo 2026 YouTube Playlist here: https://www.youtube.com/playlist?list=PLT7ZDw43Z98U ETHGlobal's Pragma series takes place in cities around the world, and is designed to be a different kind of event. Pragma is a one-stage conference with founders-only on stage, bringing together a small group of curated attendees and speakers to discuss the future of web3 and reflect on the past. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅ Follow Takashi Tezuka X: https://x.com/takatezu ✅ Follow Startale Group X: https://x.com/StartaleGroup ✅ Follow ETHGlobal X: https://x.com/ETHGlobal​ Warpcast: https://warpcast.com/ethglobal Website: https://ethglobal.com YouTube: https://www.youtube.com/@UCfF9ZO8Ug4xk_AJd4aeT5HA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Are you interested in Ethereum development and entrepreneurship? 👉 Sign up for the next ETHGlobal event: https://ethglobal.com/events 🎁 Get exclusive access and perks with ETHGlobal Plus! https://ethglobal.com/plus 📣 Want us to throw an event in your city? Tell us where! https://ethglobal.com/city