BlackRock joins forces with SBI to combine tokenized funds and yen stablecoin

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The press release published by SBI Holdings on October 27 at 10 a.m. (Tokyo time) speaks of a “basic agreement”. It is the Japanese equivalent of the Memorandum of Understanding (MOU). Four entities signed it, SBI Holdings, Startale Group Pte. Ltd., BlackRock Financial Management, Inc. and BlackRock Japan. The objective is in one line, to build an “ecosystem of digital assets” around tokenized monetary funds and JPYSC.

According to The Block, the partners will study three projects. First, the technical infrastructure, to subscribe or redeem a tokenized fund share against JPYSC. Then, the economic models and distribution, relying on the commercial networks of BlackRock and SBI. Finally, regulations. On this point, Japan is ahead. It has been regulating stablecoins since 2023, via a revision of its law on payment services passed in 2022.

Yoshitaka Kitao, CEO of SBI Holdings, assumes the national dimension of the project. “The shift to on-chain finance is becoming an inevitable global trend. If Japan wants to lead this transformation rather than fall behind, we must prepare early. » Sota Watanabe, CEO of Startale, sees it as “an essential part of the foundations of on-chain finance”. On the BlackRock side, Sachiko Hashimoto (BlackRock Japan) and Jonathan Steel (BlackRock Financial Management) promise a bridge between traditional finance and digital assets. But they don't name any products.

A tokenized money fund places money in Treasury bills and short-term cash. Each share is registered on a blockchain in the form of a token. BUIDL, launched by BlackRock in March 2024 with Securitize, has approximately $2.17 billion in assets according to The Block. However, the SBI press release never cites it. It speaks of tokenized monetary funds in the plural and does not designate any specific vehicle.

Return to December 15, 2025. That day, SBI and Startale sign a first memorandum of understanding. It concerns a “fully regulated” yen stablecoin, intended for international settlements. CoinDesk then details the roles: Shinsei Trust & Banking issues and redeems the token, SBI VC Trade distributes it. Startale provides smart contracts. Launch is targeted for the second quarter of 2026, subject to final regulatory approvals.

The schedule held. On June 24, 2026, SBI Shinsei Trust Bank processed the first issuance of JPYSC. SBI presents it as the first fiat bank-backed yen stablecoin in Japan. Its status as an “electronic payment instrument” avoids a ceiling of 1 million yen per transaction. This ceiling targets the stablecoins of simple fund transfer operators. Since September, SBI has placed part of its reserves in Japanese government bonds. On the other hand, the token remains confined to SBI VC Trade accounts. Its release to a public blockchain is still awaiting a legal and fiscal green light.

Machine-translated from French