BlackRock signs on with SBI and Startale to link tokenized money market funds to Japan's yen stablecoin JPYSC

BlackRock is joining a Japanese effort to put a yen stablecoin to work alongside tokenized funds. In a joint release dated Tuesday in Tokyo, SBI Holdings, Startale Group, BlackRock Financial Management and BlackRock Japan said they have signed a memorandum of understanding to explore a digital asset ecosystem that links tokenized money market funds with JPYSC, the yen-denominated stablecoin SBI issues through a trust structure.

The agreement is exploratory. The four companies will look at three areas: technology and infrastructure, business and distribution, and regulation and market development. They disclosed no investment, product or launch date, and said the collaboration is meant to be open to financial institutions and businesses in Japan and internationally. Yoshitaka Kitao, SBI Holdings' chairman and president, said onchain finance is becoming an "unavoidable global trend".

The pieces already exist. The Block reported that SBI launched JPYSC with Startale in June 2026 as Japan's first trust bank-backed yen stablecoin, with SBI Shinsei Trust Bank handling issuance and the licensed exchange SBI VC Trade handling distribution. BlackRock's BUIDL, launched in 2024, holds about $2.17 billion in Treasuries, repos and cash. Japan's 2022 amendments to the Payment Services Act limit fiat-backed stablecoin issuance to licensed banks, trust companies and registered money transfer services.

What to watch: whether a BUIDL-style fund is offered against JPYSC in Japan, and on which chain.