Summary BlackRock partnered with SBI Holdings and Startale to explore connecting tokenized money market funds with Japan’s yen backed JPYSC stablecoin. The agreement covers technology infrast
BlackRock has partnered with Ripple-linked SBI Holdings and Startale Group to explore integrating tokenized money market funds with Japan’s JPYSC stablecoin. The agreement brings together major financial institutions seeking to connect traditional investment products with blockchain-based payment infrastructure.
According to an official announcement, BlackRock Financial Management and BlackRock Japan signed a memorandum of understanding with SBI Holdings and Startale Group. The partnership will examine opportunities involving technology infrastructure, business distribution, and regulatory development to support tokenized financial products.
Additionally, the companies will explore potential partnerships that could strengthen institutional participation in blockchain-based financial services across Japan and international markets.
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BlackRock’s involvement brings institutional asset management expertise into SBI and Startale’s efforts to connect tokenized investment products with stablecoin infrastructure. Under the agreement, the companies will examine how tokenized money market funds could interact with JPYSC through compatible financial systems.
BlackRock Japan President Yukiko Hashimoto emphasized that developments in digital assets and tokenization are creating opportunities for financial institutions and investors. Meanwhile, Jonathan Steel, managing director at BlackRock Financial Management, highlighted the importance of connecting traditional financial services with emerging digital asset ecosystems.
The collaboration also covers regulatory considerations and distribution arrangements that could support the adoption of tokenized financial products among institutional investors. Significantly, the memorandum establishes an exploratory partnership rather than confirming the immediate launch of integrated tokenized money market funds.
SBI Holdings has expanded its blockchain operations through partnerships involving Ripple and Startale Group, strengthening its presence in Japan’s stablecoin market. In June 2026, SBI and Startale introduced JPYSC as Japan’s first trust bank-backed yen stablecoin, establishing infrastructure for yen-denominated blockchain transactions.
Under the arrangement, SBI Shinsei Trust Bank oversees stablecoin issuance, while licensed cryptocurrency exchange SBI VC Trade manages its distribution. Separately, Ripple partnered with SBI Group to introduce its dollar-backed RLUSD stablecoin in Japan through the same licensed cryptocurrency exchange.
SBI Holdings Chairman and President Yoshitaka Kitao emphasized the importance of preparing Japan’s financial infrastructure for the growing adoption of on-chain finance. Besides these developments, SBI and Startale joined the Open Standard alliance to explore interoperability between JPYSC and OUSD stablecoins.
The memorandum also creates opportunities for cooperation with financial institutions and technology providers involved in blockchain infrastructure, custody, and regulatory compliance. Through this collaboration, BlackRock, SBI Holdings, and Startale aim to examine how tokenized investment products could connect with stablecoin settlement systems.
The agreement strengthens cooperation between established asset managers and blockchain infrastructure providers while supporting Japan’s efforts to develop institutional on-chain financial services.
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