SBI, BlackRock Partner in Japan on Yen Stablecoin, Tokenized MMF Link
Summary
- SBI Holdings and Startale Group said they signed an MOU with BlackRock and will pursue a link between the yen stablecoin JPYSC and a tokenized MMF.
- The four companies said they will review potential cooperation in technology and infrastructure, business and distribution, and regulation and market development, and plan to open the scope of the partnership to financial institutions and companies in Japan and overseas.
- SBI has launched Japan’s first trust-bank-based yen stablecoin JPYSC, while BlackRock launched its tokenized fund BUIDL in 2024 and is managing about $2.17 billion in assets.
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SBI Holdings is partnering with BlackRock on a plan to link a yen-denominated stablecoin with a tokenized money market fund.
The Block reported on Oct. 26 that SBI Holdings and Startale Group signed a memorandum of understanding with BlackRock Financial Management and BlackRock Japan for the project. The partnership centers on SBI’s yen-based stablecoin JPYSC and a tokenized MMF.
The four companies will study potential cooperation in three areas: technology and infrastructure, business and distribution, and regulation and market development. They plan to identify the technical requirements needed to connect the tokenized MMF with the stablecoin, while also exploring business models and distribution channels using each company’s financial network.
The companies will also jointly review the regulatory environment. They plan to track changes in digital-asset rules in Japan and other major markets and lay the groundwork for broader links between financial products and stablecoins. The partnership will be open not only to Japan but also to overseas financial institutions and companies.
SBI Holdings Chairman Yoshitaka Kitao said the shift toward on-chain finance is becoming an unavoidable global trend. For Japan to avoid falling behind and instead take the lead in that shift, it needs to build the foundation for a next-generation financial market early.
Japan established a regulatory framework for stablecoins through a 2022 revision to its Payment Services Act, with the rules taking effect in 2023. The framework classifies fiat-linked stablecoins as electronic payment instruments and restricts issuance to banks, trust companies and registered money transfer operators.
SBI launched JPYSC, Japan’s first trust-bank-based yen stablecoin, with Startale in June. SBI Shinsei Trust Bank manages issuance, while crypto exchange SBI VC Trade handles distribution.
BlackRock entered the market in 2024 with the launch of its tokenized fund BUIDL. The fund manages about $2.17 billion in assets, primarily in U.S. Treasuries, repurchase agreements and cash.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.