BlackRock, SBI and Startale Explore Linking Tokenized MMFs to Yen Stablecoin
Summary
- BlackRock, SBI Holdings, and Startale Group said they are jointly reviewing a link between tokenized MMFs and a yen stablecoin.
- The three companies said they plan to study whether JPYSC can be connected to tokenized MMFs from the perspectives of technology and infrastructure, business and distribution, and regulation and market development.
- BlackRock's tokenized fund BUIDL and JPYSC, Japan's first trust-bank-based yen stablecoin, are currently in operation and distribution.
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BlackRock, Japan's SBI Holdings and Startale Group are jointly reviewing a plan to link tokenized money-market funds, or MMFs, with a yen-denominated stablecoin.
Crypto-focused media outlet The Block reported on October 26 that SBI Holdings and Startale Group signed a memorandum of understanding with BlackRock Financial Management and BlackRock Japan. The three companies plan to examine whether SBI's yen stablecoin, JPYSC, can be connected to tokenized MMFs across three areas: technology and infrastructure, business and distribution, and regulation and market development.
"The shift to on-chain finance is becoming an unavoidable global trend," SBI Holdings Chairman and Chief Executive Officer Yoshitaka Kitao said. "If Japan is to lead that change rather than follow it, it must prepare now and build the foundation for the next generation of financial markets."
The three companies said the next step is to develop the infrastructure, distribution channels and regulatory framework needed to link tokenized assets with stablecoins and support broader market adoption. The partnership is also open to a range of financial institutions and companies in Japan and abroad, they said.
BlackRock launched its tokenized fund BUIDL in 2024. The fund now manages about $2.17 billion in U.S. Treasuries, overnight repurchase agreements and cash, making it one of the largest funds of its kind. JPYSC, launched by SBI and Startale in June, is Japan's first trust-bank-based yen stablecoin. SBI Shinsei Trust Bank oversees issuance, while crypto exchange SBI VC Trade handles distribution.
