BlackRock, SBI, Startale Weigh Linking Tokenized MMFs to Yen Stablecoin JPYSC

BlackRock, Japan’s SBI Holdings and Startale Group are jointly studying a plan to link tokenized money market funds, or MMFs, with a yen-denominated stablecoin.

Crypto media outlet The Block reported on October 26 that SBI Holdings and Startale Group signed a memorandum of understanding with BlackRock Financial Management and BlackRock Japan. The companies plan to examine how SBI’s yen stablecoin JPYSC could be connected to tokenized MMFs across three areas: technology and infrastructure, business and distribution, and regulation and market development.

Yoshitaka Kitao, chairman and chief executive officer of SBI Holdings, said the shift toward on-chain finance is becoming an unavoidable global trend. He added that Japan must prepare now and build the foundation for the next generation of financial markets if it wants to lead the change rather than follow it.

The three companies said the next step is to develop the infrastructure, distribution channels and regulatory framework needed to connect tokenized assets with stablecoins and support broader market adoption. They added that the partnership is open to a range of financial institutions and companies in Japan and abroad.

BlackRock launched its tokenized fund BUIDL in 2024. The fund now manages about $2.17 billion in U.S. Treasuries, overnight repurchase agreements and cash, making it one of the largest funds of its kind. JPYSC, launched by SBI and Startale in June 2026, is Japan’s first trust bank-backed yen stablecoin. SBI Shinsei Trust Bank oversees issuance, while crypto exchange SBI VC Trade handles distribution.