Key Takeaways
- Blackrock, SBI and Startale signed an MOU on Oct. 26 to link tokenized money funds with the JPYSC stablecoin.
- JPYSC launched in June 2026, the same month SBI VC Trade began distributing Ripple’s RLUSD in Japan.
- No launch date is set yet, and the parties say the effort is open to other institutions in Japan and abroad.
The Signing
The memorandum of understanding (MOU) brings together four entities, namely:
- SBI Holdings
- Startale Group
- Blackrock Financial Management
- Blackrock Japan
The goal is to study whether tokenized money market funds (MMFs), which are fund shares issued as blockchain tokens, can settle against a yen-denominated stablecoin. In this case it is JPYSC, which SBI and Startale rolled out in June.
MMFs are where corporations and institutions park idle cash. Put both on rails that run 24/7 and a Japanese treasurer can move between yen and a yield-bearing fund without waiting for banking hours.
On the development, SBI chairman Yoshitaka Kitao said “the shift to onchain finance is becoming an unavoidable global trend,” adding that Japan must prepare early to lead rather than fall behind.
Three Workstreams, Zero Deadlines
The partners are set to split the work into three areas:
- Technology and infrastructure: How tokenized fund shares and JPYSC would interact onchain.
- Business and distribution: Who sells the product and to whom.
- Regulation and market development: What Japan’s rulebook allows.
That said, what the announcement lacks is a timeline, with the MOU not committing anyone to a finished product. The companies have stated that the collaboration will stay open to other financial institutions in Japan and internationally as well.
Where Ripple Fits Into the Mix
SBI is not just any Japanese conglomerate to the XRP crowd. It is one of Ripple’s oldest partners in Asia, and this year the relationship has turned into a product. In June, SBI VC Trade began distributing Ripple’s RLUSD stablecoin after Japan’s Financial Services Agency approved it as an electronic payment instrument.
That same exchange distributes JPYSC, so SBI now sits at the center of a dollar stablecoin from Ripple, a yen stablecoin of its own and, potentially, a tokenized fund from the world’s largest asset manager.
The timing aligns with Ripple’s own push and Bitcoin.com News reported recently that Ripple had won final approval for a U.S. national trust bank charter on Monday, and that Aviva put $66 million into a tokenized sterling fund on the XRP Ledger.
To be clear, the Blackrock MOU does not mention Ripple, RLUSD or XRP. The connection runs solely through SBI.
Japan’s Stablecoin Sprint
JPYSC was built to sidestep a limit that hobbles rival tokens. It is issued by SBI Shinsei Trust Bank under Japan’s trust-type model, which avoids the ¥1 million cap on balances and transfers that applies to fund-transfer-type tokens such as JPYC. Bitcoin.com News covered the JPYSC launch and its segregated 1:1 reserves when it went live.
Blackrock brings the other half and its tokenized Treasury fund, BUIDL, launched in 2024 now manages around $2.17 billion in U.S. Treasurys, repurchase agreements and cash.
Lastly, it bears mentioning that JPMorgan too just brought tokenized money funds to Solana for U.S. investors, while three Asian central banks agreed to connect stablecoins across borders.
