BlackRock Partners with SBI and Startale to Explore Interoperability Between Tokenized Funds and JPY Stablecoins

BlackRock Financial Management, BlackRock Japan, Japanese financial group SBI Holdings, and Startale Group have jointly signed a memorandum of understanding (MoU) to collaboratively explore integration pathways between tokenized money market funds and the Japanese yen–pegged stablecoin JPYSC. The initiative will concurrently advance research across multiple dimensions—including technical infrastructure development, business model design, distribution channel expansion, and regulatory compliance requirements. Launched jointly by the four institutions, the collaboration aims primarily to enhance interoperability between tokenized assets and stablecoins, while opening avenues for co-participation by financial institutions and enterprises both in Japan and globally. It should be noted that this partnership remains in its early exploratory phase, with no definitive timeline yet established for implementation. Public information indicates that BlackRock officially launched its tokenized fund BUIDL in 2024; as of the time of the related report, BUIDL’s assets under management stood at approximately $2.17 billion. Meanwhile, SBI Holdings plans to partner with Starta in June 2026.