SBI Digital Markets (SBIDM), a Singapore-based digital asset platform, has completed the issuance of two real asset (RWA) tokenized bonds backed by intellectual property (IP). One is a $30 million deal collateralized by music records, and the other is a bond backed by performance rights. Both deals are scheduled to mature in 2025.
This issuance is significant not because it is a simple "token experiment," but because it represents a structured finance product primarily targeting institutional investors. SBIDM, a digital asset platform under Japanese financial group SBI Holdings, has been integrating traditional financial institutions' bond structuring capabilities into a blockchain-based issuance method.
SBIDM's Acting CEO, CK Ong, stated that while there is overheated market expectations for tokenized products, the company has prioritized structural safeguards and regulatory frameworks for issuers and investors. He explained that this transaction demonstrates the company's ability to structure intellectual property and high-quality asset-backed bonds in accordance with institutional standards.
Bonds secured by music copyrights are not a new asset class. According to a 2025 Financial Times report, general bond issuance backed by music copyrights by celebrities is rapidly increasing. An estimated $4.4 billion was issued between the first and third quarters of this year. Issuers include Blackstone, Carlyle Group, and management companies related to the Michigan State Retirement System. Global institutional capital already values music IP as a stable cash-flow asset.
The difference lies in the form. While the existing structure was private placement or traditional bonds, SBIDM issued them in the form of digital tokens. This structure utilizes blockchain to streamline the rights transfer and distribution process, and opens up the possibility of future spin-offs and secondary trading.
This case raises three implications for the RWA market. First, the financialization of IP assets is advancing to a new level. Music copyrights and performance rights generate relatively predictable cash flows from streaming and performance revenues. These are asset characteristics ideal for combining with bond structures. Second, the focus of tokenization is shifting from experiments targeting individual investors to structured models focused on institutions. Third, the possibility of the traditional private debt market transforming into a digital bond market is becoming a reality.
This holds significant significance for the Korean market as well. With the global stature of K-content rising, tokenizing music, video, and IP assets and issuing them as structured bonds is a realistic scenario. As discussions on institutionalizing STOs intensify, content IP-based RWAs could become a new area, surpassing real estate, gold, and infrastructure.
The essence of tokenization isn't technology. The key is structuring assets according to institutional standards and ensuring trust within a regulatory framework. SBIDM's music IP token bonds are considered a clear example of this trend.
