BlackRock, SBI and Startale to link tokenized MMFs to yen stablecoin

Key points

• BlackRock, SBI Holdings and Startale signed an MOU on October 26, 2026
• They will explore linking tokenized MMFs with the yen stablecoin JPYSC
• Work covers technology, distribution, and regulation and market development
• JPYSC launched in June 2026 and is issued by SBI Shinsei Trust Bank

BlackRock has agreed with SBI Holdings and Startale Group to explore connecting tokenized money market funds with JPYSC, a Japanese yen stablecoin, according to The Block. The companies signed a memorandum of understanding on October 26, 2026. BlackRock Financial Management and BlackRock Japan are the BlackRock entities named in the report.

An MOU is a framework for study rather than a commitment to launch a product, and no timeline or product details were reported.

What the three companies will examine

According to The Block, the companies will look at the potential for linking tokenized money market funds (MMFs) and JPYSC across three areas: technology and infrastructure, business and distribution, and regulation and market development. They said they plan to develop infrastructure, distribution channels and regulatory frameworks that connect tokenized assets with stablecoins.

The collaboration is meant to be open to financial institutions and businesses in Japan and abroad. SBI Holdings chairman and president Yoshitaka Kitao said, “The shift to onchain finance is becoming an unavoidable global trend,” The Block reported.

JPYSC and BlackRock’s tokenized fund

SBI and Startale launched JPYSC in June 2026 as Japan’s first trust bank-backed yen stablecoin, according to The Block. SBI Shinsei Trust Bank manages issuance, and SBI VC Trade, a licensed crypto exchange, handles distribution. Other outlets covering the MOU also reported that the token went live on June 24.

BlackRock’s tokenized fund BUIDL launched in 2024 and holds about $2.17 billion in U.S. Treasurys, overnight repurchase agreements and cash, The Block reported. The report did not say whether BUIDL or another BlackRock product would be part of any link to JPYSC.

Japan’s rules for stablecoins

Japan amended its Payment Services Act in 2022, with the changes taking effect a year later. The law defines fiat-backed stablecoins as Electronic Payment Instruments and limits issuance to licensed banks, trust companies and registered money transfer services, according to The Block. The regulation and market development workstream in the MOU points to the role those rules will play in any tokenized-fund and stablecoin link.

What happens next

The agreement is at an exploratory stage. The companies have not announced a launch date, a specific fund, or the blockchain networks involved. Further details are likely to depend on the outcome of the three workstreams and on regulatory requirements in Japan.

SBI and Startale have been building around JPYSC since its launch. Earlier coverage of their work included trials of settling tokenized fund subscriptions with the stablecoin, and SBI led a $50 million investment in Startale.