BlackRock signs MOU with SBI and Startale to explore linking tokenized MMFs with yen stablecoin

BlackRock Financial Management and BlackRock Japan signed a memorandum of understanding with SBI Holdings and Startale Group to explore connecting tokenized money market funds with JPYSC, SBI's Japanese yen-denominated stablecoin. The partnership evaluates technical infrastructure, commercial distribution, and regulatory frameworks. JPYSC launched on June 24, 2026, as Japan's first trust-backed yen stablecoin and reached 20.7 billion circulating tokens worth $131.5 million by October 2026. The move aligns with Japan's Payment Services Act framework and builds on BlackRock's $2.17 billion BUIDL tokenized fund.

BlackRock, SBI, and Startale MOU details

• ▪The exploration by BlackRock, SBI, and Startale covers technology and infrastructure, business and distribution, and regulation and market development to enable tokenized MMFs to interact with JPYSC
• ▪BlackRock, SBI, and Startale as partners plan to examine commercial distribution channels by leveraging each firm's existing networks and assess regulatory frameworks affecting tokenized assets and stablecoins
• ▪SBI Holdings and Startale Group signed a memorandum of understanding with BlackRock Financial Management and BlackRock Japan to explore connecting tokenized money market funds with JPYSC, SBI's yen-denominated stablecoin

JPYSC features, issuance, and metrics

• ▪As of October 26, 2026, JPYSC had a circulating supply of approximately 20.7 billion tokens valued at around $131.5 million
• ▪The reserve backing SBI's JPYSC includes short-term Japanese government bonds alongside other segregated trust holdings
• ▪SBI launched JPYSC on June 24, 2026, as Japan's first trust-type yen stablecoin, issued by SBI Shinsei Trust Bank with reserves held in segregated trust accounts
• ▪SBI VC Trade, a licensed cryptocurrency exchange, is responsible for distributing JPYSC, SBI's yen stablecoin

Japanese legal framework for stablecoins

• ▪Japan established a legal framework for stablecoins through 2022 amendments to the Payment Services Act that took effect a year later
• ▪Under Japanese regulations, fiat-backed stablecoins are defined as Electronic Payment Instruments and their issuance is restricted to licensed banks, trust companies, and registered money transfer services