BlackRock, SBI Holdings, and Startale Group signed a cooperation agreement to explore integrating tokenized money market funds with JPYSC, a stablecoin pegged to the Japanese yen. The initiative aims to develop financial infrastructure that connects traditional investment instruments with digital assets.
Japanese financial group SBI Holdings and blockchain infrastructure developer Startale Group announced the signing of a memorandum of understanding (MOU) with BlackRock Financial Management and BlackRock Japan, both units of investment management firm BlackRock. The companies plan to explore the technical, commercial, and regulatory requirements for connecting tokenized money market funds (MMFs) with the JPYSC stablecoin. The project primarily targets Japan’s financial market, with potential for international expansion.
Money market funds primarily invest in short-term, highly liquid financial instruments. Tokenization allows rights to the underlying assets to be represented digitally using blockchain technology. Integrating these instruments with stablecoins could simplify settlements, improve operational efficiency, and expand access to investment products.
As part of the collaboration, the companies plan to pursue 3 key objectives:
- Identify the technical requirements and infrastructure needed to integrate tokenized money market funds with the JPYSC stablecoin.
- Explore potential business models and distribution channels for digital financial instruments.
- Review regulatory requirements and assess the conditions needed for broader adoption of tokenized assets and stablecoins.
The companies also plan to involve financial institutions and businesses from Japan and other countries. For now, the agreement covers only an assessment of potential integration opportunities. The companies didn’t disclose specific timelines for launching joint products, investment amounts, or technical specifications for future solutions.
JPYSC, a yen-denominated stablecoin structured under a trust arrangement, plays a central role in the initiative. According to SBI Holdings Chairman and President Yoshitaka Kitao, SBI Group issued JPYSC as Japan’s first trust-type yen stablecoin. He also noted that group companies, including SBI Global Asset Management, are already developing blockchain-based financial products and services.
Japan’s regulatory framework also supports the development of such solutions. Stablecoins in the country are regulated under the amended Payment Services Act. The companies see the development of infrastructure and distribution channels needed to integrate tokenized assets with digital currencies as the next step.
For more information on Japan’s cryptocurrency market, see CP Media’s in-depth report.
Startale Group CEO Sota Watanabe emphasized that regulatory developments in the U.S., including initiatives by the Securities and Exchange Commission (SEC), are accelerating the adoption of blockchain technology for traditional financial assets. He said Japan needs to step up its efforts in this area to remain competitive in global financial markets.
BlackRock Japan President Yukiko Hashimoto said the company intends to leverage its global expertise to advance tokenized financial instruments in Japan. BlackRock Financial Management Managing Director Jonathan Steel added that the collaboration with SBI Holdings and Startale could help expand access to financial markets, improve operational efficiency, and support the development of the global financial system.
SBI Group is also actively working to promote digital asset adoption among financial institutions in Japan and internationally through partnerships with leading FinTech companies. In July 2026, the financial group entered into a strategic partnership with the Solana Foundation to establish an on-chain financial market in Japan that would support the full lifecycle of digital assets.
