Markets Outlook by CoinDesk

Episode: This $50M Fund Is Connecting Latin America to Asia
Date: September 18, 2025
Location: Stellar Meridian 2025, Rio de Janeiro, Brazil
Host: Jen Senasi
Guests: Shin (Managing Partner, Onigiri Capital), Louis

Episode Overview

This episode focuses on the newly launched $50 million VC fund, Onigiri Capital, created by Japan’s Credit Cezanne to bridge Latin American blockchain founders—especially from Brazil—with institutional investors and market opportunities in Asia. The discussion covers how this cross-continental connection benefits both regions, investment theses, the significance of yen-backed stablecoins, and Japan's current crypto market trajectory.

Key Discussion Points & Insights

1. Bridging Two Dynamic Regions

(00:34–01:34)

• Onigiri Capital aims to connect Latin American blockchain innovators with Asia’s institutional markets.
• Shin (00:52): "More than half of the global users of blockchain are in Asia... If you’re not looking at Asia as you grow, you’re missing out on more than half of your potential total market."
• Both Asia and Latin America share large, rapidly growing economies, enabling blockchain to “leapfrog” traditional financial infrastructure.

2. Cultural Ties: Brazil and Japan

(01:34–02:23)

• Brazil has the largest Japanese expat community outside Japan, especially in São Paulo.
• These deep-rooted cultural and trade ties now extend to technology and finance.
• Shin (01:50): "Brazil and Japan have had this tie that cuts across culture, cuts across trade, and that’s really something we want to bring to this new technology that we have today."
• Blockchain is seen as a tool to modernize and facilitate international financial connections beyond old legacy systems.

3. Investment Thesis & Founder Criteria

(02:23–03:33)

• Onigiri Capital invests in blockchain startups focusing on financial products: stablecoins, payments, tokenized assets, DeFi, and related infrastructure.
• They emphasize the importance of distribution advantage rather than merely technical novelty.
• Shin (02:56): "We really look for is distribution advantage... What is a lot harder is to get distribution, to get users, to get customers."
• Preference is given to founders with access to hard-to-reach consumer/business segments.

4. Building Community & Onchain Conference

(03:33–04:49)

• Onigiri started from Shin and colleagues building a community for Asian financial institutions to learn about blockchain (“onchain” platform).
• This community led directly to the creation of the fund, enabling institutions to innovate internally by collaborating with startups.
• Shin (04:38): "Startups bring the energy, bring the technology, but institutions bring the trust, they bring the customers. When both come together, that’s where the magic happens."

5. Partnership with Stellar Development Foundation

(04:49–05:40)

• Onigiri Capital works closely with Stellar, whose mission—financial innovation and tokenized assets—aligns with theirs.
• The collaboration aims to transfer Stellar's strengths in Western markets to Asia, addressing strong demand in Singapore, Hong Kong, Japan, and Korea for compliant, assets-on-chain blockchains.

6. Focus on Latin American Startups (Especially Brazil)

(05:40–06:11)

• While the fund has a “global mandate,” there is a significant focus on Brazilian and Latin American founders due to advanced fintech innovation and high-quality talent.
• Onigiri wants to help Latin startups export their technology and products to Asian markets.

7. Japan’s Crypto Market Progress

(06:11–07:00)

• Japan tends to be a “later mover” but acts decisively with sustained commitment once trends are adopted.
• Recent developments: regulatory approval of the first US dollar and Japanese yen-backed stablecoins, strong support from multiple sectors.
• Shin (06:26): "Japan has always been a later mover, a slower mover, but when it moves, it moves large... you cannot miss out on Japan."

8. The Significance of Yen-Backed Stablecoins

(07:00–07:47)

• The yen is the third most significant global currency, after the US dollar and euro.
• Yen stablecoin approval is portrayed as a “huge move” that could transform global digital markets.
• Shin (07:14): "The first Japanese yen stablecoin is finally available. We think this is a huge move that will fundamentally change global markets."

9. Personal Motivation: Blockchain’s Promise

(07:47–08:23)

• Shin cites the inefficiency of legacy banking rails versus instant digital communication as his entry point to crypto.
• Shin (07:52): "To me, it's really the potential of it being able to change how money moves... Blockchain is presenting new rails for money to move... We can put this whole financial world at the speed of Internet."

Notable Quotes & Memorable Moments

• Shin (00:52): "If you are not looking at Asia as you grow, you’re missing out on more than half of your potential total market."
• Shin (01:50): "Brazil and Japan has had this tie that cuts across culture, cuts across trade, and that's really something that we really want to bring to this new technology..."
• Shin (02:56): "What we really look for is distribution advantage... you have an unfair advantage to? Because... stablecoins, payment products, it's a dime a dozen. What is harder is getting distribution."
• Shin (04:38): "Startups bring the energy, bring the technology, but institutions bring the trust... When both come together, that's where the magic happens."
• Shin (07:14): "The first Japanese yen stablecoin is finally available. We think this is a huge move that will fundamentally change global markets."
• Shin (07:52): "Blockchain is presenting new rails for money to move. And finally we can put this whole financial world at the speed of Internet."

Timestamps for Key Segments

• 00:34–01:34: The bridge between Latin America and Asia; why Asia matters
• 01:34–02:23: Japanese–Brazilian community impact and historical context
• 02:23–03:33: Onigiri Capital’s investment thesis and founder selection
• 03:33–04:49: Onchain community and how it seeded Onigiri Capital
• 04:49–05:40: Collaboration with Stellar; expansion into Asia
• 05:40–06:11: Geographic investment focus; Brazil as a hub
• 06:11–07:00: Japan’s regulatory stance and market atmosphere
• 07:00–07:47: The importance and impact of yen-backed stablecoins
• 07:47–08:23: Shin’s personal reasons for entering crypto

Tone and Style

The conversation is optimistic, forward-thinking, and focused on industry impact—delivered in an accessible, conversational tone. Shin and the hosts are candid, occasionally humorous (comments on Japanese food in Brazil), and focused on actionable insights for both founders and institutional listeners.