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

- Channel: [ETHGlobal](https://streameth.org/ethglobal)
- Date: 2026-10-26
- Duration: 19:28
- Topics: ETHGlobal, Pragma Tokyo 2026, Pragma Tokyo, Tokyo, Japan, 2026, Takashi Tezuka, Startale Group, Startale, Soneium, Sony, SBI, Strium, onchain finance, stablecoins, JPY stablecoin, tokenized assets, real world assets, RWA, RWA tokenization, tokenized treasuries, money market funds, institutional crypto, crypto regulation, stablecoin regulation, Japan crypto regulation, DeFi, TradFi, Coinbase, Hyperliquid, programmable assets, financial infrastructure, Ethereum Layer 2, web3 finance, Science & Technology
- Watch: https://streameth.org/watch/yt-mqEmY9W46t8
- YouTube: https://www.youtube.com/watch?v=mqEmY9W46t8

## Description

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

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🇯🇵 *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. 

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✅ 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 

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