BlackRock, SBI Holdings and Startale Group Explore Yen‑Backed Tokenized Funds While XRP’s Role Remains Unclear

A proposed route from yen into tokenized funds

BlackRock has reportedly signed a memorandum of understanding with SBI Holdings and Startale Group to explore connecting tokenized money market funds with JPYSC, a yen‑backed stablecoin. The agreement is exploratory, with no investment amount disclosed, and covers technology development, distribution pathways and regulatory compliance. Other financial institutions may join the initiative, according to wealth commentator Kamilah Stevenson.

Stevenson points to BlackRock’s BUIDL fund as an existing example of this model. Launched in 2024, the fund held roughly $2.17 billion in Treasuries, repurchase agreements and cash at the time referenced in her video. That figure should not be interpreted as a current valuation or a commitment to the new project.

The opportunity stems from Japan’s large pool of household savings, much of which remains in cash and deposits. JPYSC is issued by SBI Shinsei Trust Bank and distributed through SBI VC Trade, giving the partnership an established domestic channel for reaching investors.

SBI’s Ripple ties leave an unanswered question

That distinction matters. SBI maintains close ties to Ripple and has used XRP for remittance services, which gives XRP investors a reason to monitor the partnership. Stevenson stresses, however, that the announcement does not name XRP or any blockchain.

A link between yen‑denominated savings and dollar‑denominated fund assets raises foreign‑exchange and settlement considerations. While XRP could theoretically serve as a bridge, there is no evidence that the partners have selected it.

In a nutshell, the meaningful milestones are a named blockchain, disclosed settlement arrangements and an actual product launch.

Tokenized fund distribution can grow without creating demand for XRP; SBI’s involvement alone does not prove that the token will be used.

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