BlackRock teams up with SBI, Startale – Is Japan the next RWA hotspot?
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Traditional asset management and stablecoin infrastructure are converging, and Japan is positioning itself at the center of it. In a major boost for Japan's race for tokenization, BlackRock partnered with Japan's SBI Holdings and Startale, aiming to connect tokenized investment funds with a Japanese yen stablecoin. According to the MOU, the trio will study the technological needs, business models, and regulations for connecting BlackRock's tokenized BUIDL fund with JPYSC. SBI's Chairman Yoshitaka Kitao emphasized Japan's need to lead the global shift to on-chain finance, stating that the shift to on-chain finance is 'becoming an unavoidable global trend.' In essence, the open partnership aims to advance on-chain applications while inviting other global institutions to participate. In early August 2026, Global Government Finance reported that Japan sought to modernize its sovereign debt management. The government has, in recent times, attempted to align with the increasing number of global efforts to digitize state debt. With the government's support, the Digital Asset Co-Creation Consortium published a report proposing tokenized Japanese government bonds for on-chain repo. The target is to capture 40% of Japan's JGB repo market, or around 106 trillion JPY. Currently, Japan's repo market stands at around $1.6 trillion. Moreover, Japan aims to bring the market on-chain. From...
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