BlackRock signs MOU with SBI and Startale to explore linking tokenized MMFs with yen stablecoin JPYSC
The world's largest asset manager is studying how its tokenized fund products could connect with Japan's first trust-bank-backed yen stablecoin
BlackRock wants to see whether tokenized money market funds and a yen stablecoin can share the same plumbing. SBI Holdings and Startale Group have signed a memorandum of understanding with BlackRock Financial Management and BlackRock Japan to study connecting tokenized money market funds (MMFs) with JPYSC, SBI’s yen-denominated stablecoin.
The partners said their exploration will cover three areas. Those are technology and infrastructure, business and distribution, and regulation and market development.
On the technical side, the group plans to map out what it would take to support an integration. That includes the infrastructure needed to let tokenized MMFs interact with JPYSC.
On the commercial side, the companies intend to look at possible business models and distribution channels. The idea is to lean on each firm’s existing networks and market access.
For readers newer to the concept: a money market fund parks cash in short-term, low-risk instruments. A tokenized version represents fund shares as tokens on a blockchain, so they can move and settle more like digital assets.
Pairing that with a stablecoin creates an obvious use case. A stablecoin can act as the cash leg, letting investors move between a yield-bearing fund and a payment token without waiting on traditional banking rails.
JPYSC’s short but busy track record
JPYSC launched on June 24, 2026, as Japan’s first trust-type yen stablecoin. It is issued by SBI Shinsei Trust Bank, and its reserves are held in segregated trust accounts.
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The token is designated as a Type III Electronic Payment Instrument under Japanese rules.
In July 2026, SBI and Startale ran proof-of-concept projects on an Ethereum testnet. Those trials showed JPYSC handling near-instant settlement. They also demonstrated automated on-chain dividend distribution for a tokenized equity fund valued at approximately $1.3 billion.
As of October 26, 2026, JPYSC’s circulating supply had reached approximately 20.7 billion tokens, worth around $131.5 million.
Reserves now include short-term Japanese government bonds alongside other holdings.
Not the first time these names have crossed paths
On October 16, 2026, SBI and Startale joined the Open Standard alliance, a group whose members include BlackRock and Visa.
That alliance is working toward interoperability between JPYSC and OUSD, a dollar stablecoin. The goal is smoother yen-dollar settlement directly on-chain.
BlackRock already runs its own tokenized products. These include BUIDL, and its tokenized offerings total roughly $2 billion across multiple blockchain networks.
No integration with JPYSC has been confirmed.