On the 27th, SBI Holdings and Startale Group announced that they have signed a basic agreement with U.S. asset management giant BlackRock to build a digital asset ecosystem utilizing tokenized MMFs (Money Market Funds) and the yen-denominated stablecoin 'JPYSC'.
The companies will leverage BlackRock's global expertise in tokenized MMFs, SBI Group's customer base and regulatory compliance know-how, and Startale's technological foundation in on-chain finance to explore collaboration possibilities in three areas: 'Technology & Infrastructure', 'Business & Sales', and 'Regulation & Market Development'. The collaboration is said to be open to financial institutions and businesses both domestically and internationally.
This initiative is set against the backdrop of the global expansion of tokenization, which involves issuing and circulating traditional financial products like MMFs on blockchain. In Japan, while the legal framework for stablecoins has been established with amendments to the Payment Services Act, challenges remain in terms of institutional and practical integration with tokenized assets.
Yoshitaka Kitao, Chairman and CEO of SBI Holdings, stated, 'The transition to on-chain finance is an inevitable trend,' and commented, 'We will further accelerate these efforts and drive transformation in the financial markets not only in Japan but globally.'
Sota Watanabe, CEO of Startale, also emphasized that the connection between JPYSC and tokenized MMFs is a crucial element for the foundation of on-chain finance.
The partnership between SBI and Startale has rapidly deepened over the past year. In August 2025, the two companies announced the establishment of a joint venture to develop a trading platform for tokenized stocks and real-world assets (RWA). By February 2026, they unveiled the blockchain 'Strium' for financial sectors, and in June, they began issuing JPYSC, Japan's first trust-based yen-denominated stablecoin.
Additionally, this month, both companies have joined the U.S. dollar-denominated stablecoin 'Open USD (OUSD)' and are considering a proof-of-concept for interoperability between 'JPYSC' and OUSD.
This basic agreement also represents an effort to integrate BlackRock's expertise into the foundation built by both companies. The collaboration is expected to further accelerate the development of an on-chain financial infrastructure originating from Japan.
Reference: Announcement
Image: Courtesy of the announcement
