BlackRock Teams Up With SBI and Startale to Link Tokenized Funds and a Yen Stablecoin

Three firms have agreed to study whether tokenized money market funds can be tied to a yen pegged stablecoin. SBI Holdings and Startale Group signed a memorandum of understanding with BlackRock Financial Management and BlackRock Japan, and the token in question is SBI’s JPYSC. The work will cover technology and infrastructure, business and distribution, and regulation and market development. Participants say the effort will stay open to other financial institutions in Japan and abroad.

Why Japan Is Pushing Onchain Finance

SBI chairman and president Yoshitaka Kitao said onchain finance is becoming a global trend, and that Japan must lay its foundations early if it wants to lead rather than trail. The partners added that the next stage is building the infrastructure, distribution channels and rules needed to connect tokenized assets with stablecoins.

JPYSC Yen Stablecoin and BlackRock BUIDL Background

JPYSC went live in June as Japan’s first yen stablecoin backed by a trust bank. SBI Shinsei Trust Bank handles issuance, while the licensed exchange SBI VC Trade distributes it. BlackRock’s BUIDL fund, launched in 2024, now holds about $2.17 billion in Treasurys, overnight repos and cash. Japan’s stablecoin framework, set in 2022 and active a year later, limits issuance to licensed banks, trust companies and registered money transfer firms.