BlackRock, SBI and Startale sign MOU to link tokenized money market funds with yen stablecoin JPYSC
The three firms will study technology, distribution and regulation for connecting tokenized MMFs with JPYSC. No product, fund or launch date has been named.
TL;DR
- SBI Holdings and Startale Group signed a memorandum of understanding with BlackRock Financial Management and BlackRock Japan, announced in Tokyo on Oct. 27, 2026.
- The MOU explores connecting tokenized money market funds (MMFs) with JPYSC, a yen-denominated trust-type stablecoin issued by SBI Group.
- The work covers three areas: technology and infrastructure, business and distribution, and regulation and market development.
- JPYSC launched on June 24, 2026; its circulating supply was about 20.7 billion tokens (around $131.5 million) as of Oct. 26, 2026, Crypto Briefing reported.
The world's largest asset manager is looking at yen stablecoin rails. SBI Holdings and Startale Group signed a memorandum of understanding with BlackRock Financial Management and BlackRock Japan to explore connecting tokenized money market funds with JPYSC, a yen-denominated trust-type stablecoin, the companies announced in Tokyo on Oct. 27, 2026.
It is an exploratory agreement, not a launch. The announcement did not name a specific BlackRock fund, a blockchain network or a start date, and Crypto Briefing noted that no integration with JPYSC has been confirmed.
What the MOU covers
- Technology and infrastructure: the technical requirements to support connectivity between tokenized MMFs and JPYSC.
- Business and distribution: possible business models and distribution through the firms' networks and market access.
- Regulation and market development: relevant regulatory considerations for tokenized assets and stablecoins.
The companies said the collaboration is meant to be open to financial institutions and businesses in Japan and internationally.
About JPYSC
JPYSC launched on June 24, 2026 as Japan's first trust-type yen stablecoin. It is issued by SBI Shinsei Trust Bank, with reserves held in segregated trust accounts, Crypto Briefing reported. As of Oct. 26, 2026, its circulating supply was about 20.7 billion tokens, worth around $131.5 million.
Japan has set a legal framework for stablecoins through amendments to the Payment Services Act, the companies said. "The shift to onchain finance is becoming an unavoidable global trend," SBI Holdings Chairman and President Yoshitaka Kitao said.
"Advances in digital assets, including tokenization, are opening up new possibilities for financial markets," said Yukiko Hashimoto, President of BlackRock Japan.
What it means for Web3 teams – Analysis
The pattern is now familiar: a tokenized fund as the yield leg and a regulated stablecoin as the cash leg. A yen pairing would extend that model beyond the dollar. For builders, the open-participation clause matters most, since partners and integrations are still being lined up. This is not investment advice.
FAQ
What did BlackRock, SBI and Startale agree?
A memorandum of understanding, announced Oct. 27, 2026, to explore connecting tokenized money market funds with the yen stablecoin JPYSC.
Is a product launching?
No launch has been announced. The MOU covers study of technology, distribution and regulation; no fund, network or date was named.
What is JPYSC?
A yen-denominated trust-type stablecoin from SBI Group, issued by SBI Shinsei Trust Bank, launched on June 24, 2026.
Can other firms join?
The companies said the collaboration is intended to be open to financial institutions and businesses in Japan and internationally.
Sources
News summary based on the sources above. Not investment, legal or tax advice. Editorial policy & corrections · Report an error
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