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BlackRock Signs Japan MOU on Tokenized Funds, JPYSC

October 27, 2026

SBI Holdings and Startale Group have 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 the agreement on 27 October 2026. It is a framework for study, not a completed integration or a product launch.

What happened

According to the joint announcement published by SBI Holdings, the MOU pairs BlackRock’s asset-management experience with SBI’s financial-services base and Startale’s blockchain infrastructure. The parties said they will examine whether tokenized money market funds and JPYSC can be connected in a way that supports onchain finance in Japan and elsewhere.

The release sets out three areas of review. Technology and infrastructure covers the technical requirements and systems needed for connectivity between the funds and the stablecoin. Business and distribution covers possible models and channels that use each firm’s networks and market access. Regulation and market development covers relevant rules and the wider environment for tokenized assets and stablecoins.

The collaboration is meant to stay open to other financial institutions and businesses in Japan and internationally, the companies said. They plan to engage potential partners and other stakeholders while they explore how the work could support market development. The Block reported the same outline, describing the deal as an exploration of links between tokenized money market funds and SBI’s yen-pegged stablecoin, not an announced launch.

Yoshitaka Kitao, representative director, chairman and president of SBI Holdings, said the shift to onchain finance is becoming “an unavoidable global trend.” He also pointed to JPYSC as Japan’s first trust-type yen-denominated stablecoin, issued by the SBI Group. Startale chief executive Sota Watanabe said the exploration was a step toward foundations for onchain finance. Yukiko Hashimoto, president of BlackRock Japan, and Jonathan Steel of BlackRock Financial Management described the work as a study of how tokenization and digital market infrastructure might widen access and connect traditional finance with digital-asset markets.

Why it matters

The agreement puts a major global asset manager alongside two firms already active in Japan’s regulated digital-yen market. The joint release says Japan has a legal framework for stablecoins through amendments to the Payment Services Act. It describes the next task as building the infrastructure, distribution channels and regulatory frameworks needed to connect tokenized assets with stablecoins and support broader adoption.

A money market fund holds short-term instruments. A regulated yen stablecoin could, in principle, act as the cash leg for subscriptions, redemptions or distributions of a tokenized version of that fund. The announcement does not name a blockchain, a fee schedule, investor eligibility rules or a commercial timetable, so those uses remain possibilities rather than a settled plan.

JPYSC is already circulating. CryptoBriefing reported that it launched on 24 June 2026 as a trust-type yen token issued by SBI Shinsei Trust Bank, and that no integration with BlackRock products has been confirmed. The Block separately noted that BlackRock’s tokenized fund BUIDL, launched in 2024, held around $2.17 billion in U.S. Treasurys, overnight repurchase agreements and cash. The new memorandum does not say that BUIDL, or any named BlackRock fund, will be the product linked to JPYSC.

What's next

The companies have not published a timeline, a target network or commercial terms. According to the announcement, the immediate work is to examine technical requirements, possible distribution models and the regulatory setting for tokenized assets and stablecoins. They also said the collaboration is intended to remain open to additional market participants in Japan and abroad.

Any later service would still depend on technical design, agreements with partners and the rules that apply to stablecoins and investment products in Japan. Until those steps are completed and disclosed, the MOU is a study framework. It does not create a live connection between BlackRock tokenized funds and JPYSC, and it does not change how either product operates today.

Sources

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