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Institution profile

Daiwa Securities Group

Investment bank

Daiwa Securities Group is Japan's second-largest investment-banking and brokerage franchise after Nomura Securities, with a tokenisation programme concentrated in security-token issuance for tokenised real estate and corporate bonds under the FIEA security-token regime. The group runs the Daiwa STO platform across the brokerage, the asset-management subsidiary, and the wealth-distribution franchise, sitting inside the FSA perimeter rather than in a separate digital-asset legal entity. For an APAC tokenisation operator, Daiwa is the second Japanese brokerage-led security-token route after BOOSTRY, with a particular concentration in the tokenised real-estate beneficial-interest segment that has been the highest-volume FIEA security-token category in Japan.

Tokenisation positioning

Daiwa's posture matches the brokerage-led FIEA security-token model: existing securities licence, tokenised wrapper for beneficial interests in real estate and selected bond structures, distribution through the existing wealth and accredited-investor channels. The structural choice is to keep tokenisation activity inside the existing securities-firm perimeter rather than to spin up a separate digital-asset entity or to join the trust-route consortium structure that the megabanks anchor through Progmat. That choice gives Daiwa a faster issuance cycle on individual deals and a tighter integration with the firm's existing wealth-distribution channels, at the cost of less scale than a multi-bank consortium platform can mobilise.

The product mix has been weighted toward tokenised real-estate beneficial interests, which has been the highest-volume FIEA security-token category in Japan to date. Tokenised corporate bonds have been a smaller part of the franchise, with Daiwa appearing as arranger or distribution partner on selected deals. The asset-management subsidiary (Daiwa Asset Management) has been the natural counterparty for any tokenised-fund work, although the cross-platform mandate map between the brokerage and the asset-management arm is not consolidated in current raw entries.

Named products and pilots

  • Daiwa STO platform. The brokerage's security-token issuance and registry rail under the FIEA perimeter. The platform has been used for tokenised real-estate beneficial interests, ESG-themed corporate bonds, and selected structured products. Specific deal volumes and the platform's aggregate outstanding-issuance figure are not consolidated in current raw entries.
  • Tokenised real-estate beneficial interests. Daiwa has been the issuance and distribution counterparty on multiple tokenised real-estate deals in the Japanese market, with the structure typically wrapping a beneficial interest in a special-purpose trust holding the underlying real estate. The product fits the FIEA Type II security-token classification and runs through the firm's wealth-distribution channels.
  • Tokenised bond issuances. Daiwa has appeared as arranger or distribution partner on selected tokenised corporate-bond deals in the Japanese market, including ESG-themed issuances. Deal-by-deal volumes are not consolidated in current raw entries.
  • Project Guardian (MAS-led). Daiwa has been mentioned in coverage of Japanese-broker participation in Project Guardian-adjacent workstreams, although named participant status on specific workstreams is not surfaced in current raw entries and should be hedged before quoting.
  • Payment Innovation Project sandbox. The PIP cohort has been visibly populated by Nomura and Mizuho in the most recent graduation announcement (the April 2026 Canton tokenised JGB trial); Daiwa's specific PIP participation status is not surfaced in current raw entries.

Institutional partnerships

The Daiwa STO platform has been built with technology partnerships including selected Japanese blockchain infrastructure providers; the consolidated technology-stack picture is not in current raw entries. The platform sits adjacent to but separate from the Progmat consortium under MUFG operational leadership, and the BOOSTRY platform jointly held by Nomura and SBI. The three platforms (Progmat, BOOSTRY, Daiwa STO) operate as distinct issuance rails inside the FIEA security-token perimeter, with no cross-platform interoperability publicly announced as of late 2025.

The wealth and asset-management partnerships at the Daiwa group level give the platform natural distribution into Japanese accredited-investor channels. On the international side, Daiwa has historical equity-and-bond distribution relationships with global asset managers and selected GSIB peers, although the tokenisation-specific partnership map is not consolidated in current raw entries.

Regulatory perimeter

Daiwa Securities Co., Ltd., the principal Japanese securities subsidiary of Daiwa Securities Group, operates under FSA Japan supervision. Tokenisation activity under the Daiwa STO platform sits inside the FIEA security-token regime, with the platform itself running under the Type II Financial Instruments Business and securities firm permissions. There is no separate digital-asset subsidiary in Japan; the tokenisation perimeter is part of the existing securities-firm scope.

For prudential capital treatment, the Basel SCO60 standard applies through the FSA's local implementation. The Payment Innovation Project sandbox is the relevant supervisory channel for tokenisation pilots; Daiwa's participation status across PIP workstreams is not surfaced in current raw entries.

APAC presence runs through Daiwa's offices in Hong Kong (under HKMA supervision for any local activity), Singapore (under MAS), London (FCA), and selected other markets, with the regional tokenisation footprint concentrated in the Japan-domestic franchise rather than in cross-border tokenisation activity.

Recent activity

  • The Daiwa STO platform has continued to operate as the firm's issuance rail for FIEA-route security tokens through 2024 and 2025, with the product mix weighted toward tokenised real-estate beneficial interests. Specific deal-by-deal volumes for late 2025 and early 2026 are not consolidated in current raw entries.
  • Daiwa Asset Management has been adjacent to the tokenised-fund workstream in Japan, with the consolidated mandate picture not in current raw entries.
  • No major Daiwa-led tokenisation announcement has been recorded in current raw entries for the April 2026 period, in contrast with the Nomura-Mizuho-JSCC Canton tokenised JGB trial that dominated the period.

Open questions

  • The Daiwa STO platform's aggregate outstanding-issuance figure and the product-by-product breakdown by asset class.
  • Daiwa's participation status across Payment Innovation Project sandbox workstreams.
  • Whether Daiwa has any role on the Canton Network tokenised JGB collateral trial or whether the trial is structured around Nomura and Mizuho on the megabank side.
  • The cross-platform mandate map between Daiwa Securities and Daiwa Asset Management on tokenised-fund issuance and tokenised-fund distribution.
  • Whether Daiwa is positioning to issue or distribute trust-route stablecoins under the PSA framework, or whether the firm stays within the security-token perimeter.

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