SBI, Startale and BlackRock Sign MOU on Yen Stablecoin for Tokenised Funds

SBI Holdings and Startale announced on October 27 that they have signed a memorandum of understanding with BlackRock Financial Management and BlackRock Japan. The non-binding agreement covers joint exploration of how a yen-denominated stablecoin could be used in connection with tokenised fund products.

The MOU brings together a Japanese financial conglomerate, a Web3 development firm and the US and Japanese entities of the world's largest asset manager, suggesting the work would span both local market access and international distribution.

What the agreement covers

The stated focus is the intersection of a yen-pegged stablecoin and tokenised investment funds, an area where Japanese institutions have been building infrastructure. The initial announcement did not set out a timetable, the specific structure of any product, or which funds might be involved.

• SBI Holdings — Japanese financial services group
• Startale — Web3 infrastructure and development firm
• BlackRock Financial Management — US asset management arm
• BlackRock Japan — local subsidiary

Tokenised funds and stablecoins have become a growing area of institutional experimentation, with firms testing blockchain-based settlement rails for traditional assets. Memoranda of understanding at this stage typically signal intent to study a concept rather than a commitment to launch a specific product, and no commercial terms have been disclosed.