🍙 Credit Saison Bets 50M on Blockchain Infrastructure With Onigiri Capital

TradFi goes degen-lite. Japan’s Credit Saison, the country’s third-largest credit card company, is rolling out a 50M fund to funnel U.S. blockchain startups straight into Asia’s booming digital asset markets.

The vibe? Less moonbags, more infrastructure rails: tokenization, stablecoins, DeFi plumbing, and payment networks regulators can actually stomach.

⚡ Quick Hits

• 💰 Fund size: 50M target (raised 35M so far)
• 🏦 Sponsor: Credit Saison (Japan’s #3 credit card giant)
• 🍙 Fund name: Onigiri Capital
• 🌏 Coverage: Japan, Korea, Indonesia, Malaysia, Singapore, Philippines
• 🎯 Focus: RWAs, stablecoins, tokenization, DeFi, payment rails
• 📉 VC backdrop: 3.7B raised across 28 funds in 2025 (vs 86B peak in 2022)

🏗️ Why Infrastructure, Not Speculation

VC money in crypto is still frozen — from 86B in 2022 to just 3.7B in 2025. Blame: interest rates, FTX/Terra’s implosions, and investors preferring safer bets like tokenized treasuries.

But Credit Saison is zigging where others zag. Instead of NFT hype or memecoins, Onigiri Capital is laser-focused on rails regulators and banks actually want:

• Stablecoins: compliance-first, fiat-backed
• Tokenization: stocks, bonds, real estate on-chain
• DeFi protocols: safer liquidity and lending infra
• Payments: cross-border rails for Asia’s fragmented markets

It’s not about 100x tokens — it’s about building financial plumbing that lasts.

🍣 Asia as the Gateway

This isn’t just a money drop. Credit Saison promises startups access to Asia’s regulatory, banking, and corporate networks. For U.S. founders, that’s a cheat code into 6 key markets: Japan, Singapore, Korea, Indonesia, Malaysia, and the Philippines.

👤 Qin En Looi, Managing Partner, Onigiri Capital:

“We want to help U.S. founders establish themselves in Asia by leveraging Credit Saison’s networks and regulatory know-how.”

👤 Hans de Back, Co-Managing Partner:

“The fund’s goal is to ensure projects meet global financial standards while benefiting from Asia’s mature infrastructure.”

📉 The VC Winter Context

• Fundraising collapse: 86B (2022) → 3.7B (2025)
• Deployment slowdown: 8.13B (2024 Jan–Aug) → 8.05B (2025 same period)
• Market headwinds: rising rates, regulatory crackdowns, and competition from tokenized treasuries

But within this crypto winter, infrastructure deals still win capital. Institutions want safe rails → Onigiri Capital is offering them.

🌏 Bigger Picture

By blending TradFi clout + blockchain rails, Credit Saison positions itself as Asia’s bridge builder:

• Defensive play: keep pace with JPMorgan, BlackRock, and Wall Street’s tokenization push
• Opportunistic play: Asia’s fragmented but booming markets need safe payment + RWA rails
• Strategic play: capture U.S. founders eager to expand globally, but lost in the regulatory sauce

If Onigiri Capital hits its 50M target, it could become the blueprint for cross-border blockchain funds in the post-speculation era.

⚡ TL;DR

Japan’s Credit Saison is launching Onigiri Capital, a 50M blockchain infra fund to bridge U.S. startups with Asia’s digital asset markets. While VC cash is drying up, smart capital is still flowing to stablecoins, tokenization, DeFi, and payment rails. This isn’t degen gambling — it’s TradFi meets blockchain plumbing. If successful, Onigiri could set the standard for cross-border blockchain venture funds.