BlackRock signed a memorandum of understanding with SBI Holdings and Startale to study linking its tokenized BUIDL fund with the yen stablecoin JPYSC. According to U.Today, the agreement does not mention Ripple or XRP, although SBI is a key Ripple partner.
BlackRock has partnered with Japan's SBI Holdings and Startale to connect tokenized investment funds with a Japanese yen stablecoin. Under the MOU, the three companies will study the technological needs, business models, and regulations for connecting BlackRock's tokenized BUIDL fund with JPYSC.
SBI Chairman Yoshitaka Kitao said Japan needs to lead the global shift to on-chain finance, calling the shift an unavoidable global trend. The partnership also invites other global institutions to participate.
SBI's Ripple ties put XRP in the background
U.Today reports that neither XRP nor Ripple appears in the agreement, because the deal is formalized between other legal entities. SBI, however, is a key strategic partner of Ripple in the East, co-owner of the SBI Ripple Asia venture and one of Ripple's largest shareholders.
U.Today argues that BlackRock is leveraging SBI's established, legally compliant payment network instead of building liquidity in Japan from scratch. The outlet adds that the move could become an indirect boost for Ripple in Asia.
Japan plans on-chain repo markets
In early August 2026, Global Government Finance reported that Japan sought to modernize its sovereign debt management. The Digital Asset Co-Creation Consortium published a report proposing tokenized Japanese government bonds for on-chain repo, targeting 40% of Japan's JGB repo market, or around 106 trillion JPY.
From November to March, a testnet based on the CC Network will connect domestic and international repo and collateral platforms while laying the groundwork for tokenization.
BUIDL's value slips as Japan looms
BUIDL's total value has declined by 4% to $2.17 billion, and the number of holders has fallen to 101. AMBCrypto says BlackRock could find a receptive market for BUIDL if tokenization adoption continues to expand within Japan's financial system.
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