Japan Exchange Group
Japan Exchange Group said it would issue Japan's first publicly offered wholesale digital green bond as a security token on BOOSTRY's ibet for Fin, with Nomura Securities as underwriter and Hitachi tracking its environmental data.
- Status
- Dead
- Announced
- (announcement)
- Stage
- Pilot
- Chain or network
- ibet for Fin (BOOSTRY-led consortium chain)
- Participants
- Hitachi, Nomura Securities, BOOSTRY
- Next review
- None
Scorecard
As of the review on . Changes since the previous review are marked. How pilots are scored
| Ledger | Private EVM network |
|---|---|
| Settlement | Off-ledger cash |
| Access | Whitelisted institutions or investors |
| Legal standing | Token is the legal record |
| Scale | Single transaction |
What they said they would do
- MetIssue a publicly offered wholesale digital green bond, recorded and administered on ibet for Fin instead of JASDEC's book-entry system, from issuance to redemption.
Review history
Live Pilot
JPX issued 500 million yen of one-year bonds at 0.050% on 3 June 2022 by public offering, recorded on ibet for Fin.
Evidence: jpx.co.jp
Dead Pilot
The bond matured on 3 June 2023, as JPX's bonds page records. JPX has issued no further digital bond in the sources searched, so the pilot is ended at maturity.
Evidence: jpx.co.jp
What was announced
On 15 April 2022 Japan Exchange Group (JPX), Hitachi, Nomura Securities and BOOSTRY said they would cooperate on a publicly offered wholesale “Digitally Tracked Green Bond”, issued by JPX as a security token. The bond would be issued and administered on ibet for Fin, a consortium blockchain led by BOOSTRY, instead of the usual book-entry transfer at the Japan Securities Depository Center (JASDEC), from issuance through redemption. Nomura structured and underwrote it, and Hitachi monitored the carbon emissions avoided by the solar and biomass plants it financed.
How it works
The bond is a corporate-bond-type security token, an “electronically recorded transferable right” under the Financial Instruments and Exchange Act as amended in May 2020, so the token record on ibet for Fin is the bond register and legal is native. ibet for Fin runs a client BOOSTRY forked from GoQuorum with QBFT consensus, so ledger is private-evm. Payment was made off the ledger: Nomura said in March 2025 that DvP had not been available for digital bonds in Japan until then, so settlement is offchain. The bond was sold in 100 million yen units by public offering in Japan, so access is whitelisted.
Record so far
JPX set the terms on 1 June 2022: 500 million yen, a 0.050% annual coupon, issued on 3 June 2022 and maturing on 3 June 2023. JPX lent the proceeds to its subsidiary JPX Market Innovation & Research to finance the power plants. The bond matured on 3 June 2023. Hitachi’s own Digitally Tracked Green Bond, announced in November 2023 with JPX’s subsidiary, is a separate issuer’s bond and is not tracked here.
For Ethereum
ibet for Fin is an EVM chain run by a consortium of mostly securities firms, so the bond’s contracts use Ethereum’s execution environment without a public validator set. BOOSTRY publishes ibet-WST, a protocol for settling ibet tokens against assets on EVM networks such as Ethereum.
What to watch
The bond has matured; a new JPX digital bond would be a new entry.