BlackRock (@BlackRock), SBI Holdings and Startale Group (@StartaleGroup) have signed a memorandum of understanding (MoU) to explore linking tokenized money market funds with $JPYSC, SBI's yen
BlackRock (@BlackRock), SBI Holdings and Startale Group (@StartaleGroup) have signed a memorandum of understanding (MoU) to explore linking tokenized money market funds with $JPYSC, SBI's yen-denominated stablecoin. The aim is to connect traditional financial assets with yen-based digital payments.
The agreement was announced on October 27, 2026. According to The Block, the signatories on the BlackRock side are BlackRock Financial Management and BlackRock Japan.
The companies will examine how tokenized money market funds and JPYSC could be connected across three areas: technology and infrastructure, business and distribution, and regulation and market development.
On the technical side, they plan to identify the requirements for linking a tokenized fund with the stablecoin. They will also explore business models and distribution channels that use each company's financial network.
The regulatory work is part of the scope too. The companies plan to track changes in digital-asset rules in Japan and other major markets, and to lay the groundwork for broader links between financial products and stablecoins.
The deal is at an early stage. Blockchain Reporter noted that the companies have not announced a completed technical integration or committed to a joint financial product. No implementation timeline has been announced.
For context, a tokenized money market fund represents shares of the fund as tokens on a blockchain, so they can be transferred and settled onchain. Money market funds hold short-term, low-risk instruments and are widely used by institutions for cash management. Tying them to a stablecoin could let institutions move value between fund shares and digital cash more efficiently.
Jonathan Steel, Managing Director at BlackRock Financial Management, said the collaboration reflects a commitment to disciplined innovation and to infrastructure connecting traditional finance with digital asset markets.
BlackRock already runs a tokenized money market fund of its own. It launched BUIDL in 2024, and the fund managed about $2.17 billion in assets at the time of reporting, according to TechFlow. The fund invests in cash, US Treasury bills and overnight repurchase agreements. Published estimates of BUIDL's size vary by date and data provider, so readers should check the latest tracker data.
JPYSC was launched in June 2026 by SBI and Startale, with SBI Shinsei Trust Bank handling issuance and SBI VC Trade handling distribution, according to the same TechFlow report. SBI is one of Japan's largest financial services groups and has pursued blockchain and digital asset projects for years, while Startale is a Japan-focused blockchain infrastructure company.
If the exploration leads to a live product, it would pair a major tokenized cash-management fund with a yen stablecoin. For now, the MoU is a framework for study, not a launch.
The Block: BlackRock joins SBI and Startale to link tokenized MMFs with Japanese yen stablecoins
Crypto Briefing: BlackRock signs MOU with SBI and Startale to explore linking tokenized MMFs with yen stablecoin JPYSC
Coingape: BlackRock Joins Ripple-Partner SBI Holdings and Startale to Link Tokenized MMFs with JPYSC
