SBI Holdings along with Startale Group has entered into a memorandum of understanding alongside BlackRock Financial Management and BlackRock Japan to investigate linking tokenized money market funds (MMFs) with the Japanese yen-pegged stablecoin created by SBI, known as JPYSC.
The organizations stated they will investigate how to link tokenized MMFs with JPYSC across three primary sectors: tech and infrastructure, commercial distribution, and compliance and market growth.
They intend to review the technical framework and system architectures required for the integration, while also investigating potential commercial frameworks and outreach avenues by utilizing their individual industry connections and market reach. Additionally, the firms will evaluate applicable legal updates when gauging the regulatory climate surrounding tokenized instruments and stablecoins.
Moreover, the partnership is intended to remain accessible to a wide array of financial institutions and enterprises both inside Japan and globally, according to the participants.
"The migration toward onchain finance is turning into an inescapable worldwide movement. For Japan to spearhead this evolution instead of lagging behind, we need to act proactively and establish the bedrock for future financial ecosystems," stated Yoshitaka Kitao, who serves as representative director, chairman, and president at SBI Holdings.
Back in 2022, Japan set up its regulatory guidelines for stablecoins by modifying the Payment Services Act. This legislation took effect twelve years later—wait, took effect a year later—classifying fiat-backed stablecoins as Electronic Payment Instruments and restricting their creation exclusively to authorized banks, trust firms, and certified funds transfer providers.
"The upcoming phase involves building the systems, outreach networks, and legal guidelines necessary to tie tokenized instruments to stablecoins and encourage wider market acceptance," the firms noted.
BlackRock introduced its BUIDL tokenized fund in 2024, which has expanded into one of the premier assets in its class, holding roughly $2.17 billion in U.S. government debt, overnight repurchase agreements, and liquid funds.
At the same time, SBI rolled out JPYSC in partnership with Startale back in June of this year as the nation’s inaugural trust bank-supported yen stablecoin. SBI Shinsei Trust Bank oversees the creation process, whereas SBI VC Trade, an authorized digital asset exchange, handles its rollout.
Originally published at https://www.theblock.co/news/business/2026-10-26-blackrock-sbi-startale-mou-431642.
