Toyota Finance’s Second Tokenized Bond Draws 10x Demand in Wallet-App Sale
Toyota Finance has successfully issued its second security token bond, the Tsumugu Bond, raising ¥1 billion through a direct-to-consumer model via the TOYOTA Wallet app. By bypassing traditional securities firms, the company achieved over 10 times the planned subscription demand, necessitating a lottery-based allocation system. This issuance marks a significant shift in RWA distribution, as it utilizes the ibet for Fin permissioned blockchain rather than the Progmat platform used for the firm's 2025 debut. The one-year bond offers a 1.72% annual interest rate, more than double the yield of the previous offering, and includes non-financial incentives like test drives and rental vouchers. Proceeds are earmarked to fund vehicle installment credit, demonstrating a practical application of blockchain for corporate financing. The success of this direct-distribution model highlights growing retail appetite for tokenized debt when integrated into existing consumer ecosystems. This event underscores the potential for major corporations to disintermediate traditional brokerage channels by leveraging proprietary digital wallets for asset issuance.