SBI Holdings and Startale Group have signed an MoU with BlackRock to explore connecting tokenised money market funds with the JPYSC stablecoin.
The memorandum, signed with BlackRock Financial Management and BlackRock Japan, covers three areas: technology and infrastructure, business and distribution, and regulation and market development. JPYSC is a yen-denominated stablecoin launched by SBI with Startale in June 2026, issued by SBI Shinsei Trust Bank and distributed by licensed crypto exchange SBI VC Trade. The companies said the collaboration is designed to be open to other financial institutions and businesses in Japan and internationally.
Infrastructure, distribution, and regulation
The companies plan to examine the technical requirements and infrastructure needed to connect tokenised money market funds (MMFs) with JPYSC, as well as potential business models and distribution opportunities using their respective networks and market access. They will also consider relevant regulatory developments when assessing the market environment for tokenised assets and stablecoins. According to the companies, the next step is to develop the infrastructure, distribution channels, and regulatory frameworks needed to connect tokenised assets with stablecoins and support wider adoption.
Yoshitaka Kitao, Representative Director, Chairman, and President of SBI Holdings, stated that the shift to onchain finance is becoming an unavoidable global trend. According to Kitao, Japan must prepare early and build the foundations for future financial markets if it is to shape this transformation rather than fall behind.
Japan’s stablecoin framework
Japan established its legal framework for stablecoins in 2022 through amendments to the Payment Services Act, which came into force in 2023. The rules define fiat-backed stablecoins as Electronic Payment Instruments and limit their issuance to licensed banks, trust companies, and registered money transfer providers. JPYSC’s issuance by a trust bank places it within this framework.
BlackRock launched its tokenised fund, BUIDL, in 2024, investing in US Treasuries, overnight repos, and cash. SBI and Startale have also joined the Open Standard alliance to explore interoperability between JPYSC and the dollar-based OUSD stablecoin. Connecting tokenised MMFs with JPYSC could allow investors to move between yield-bearing fund holdings and a yen stablecoin onchain, although the MoU sets out areas for exploration rather than a product launch.
