WORLDTECHBlackRock joins SBI and Startale to study linking tokenized funds to yen stablecoin JPYSC
BlackRock has entered a memorandum of understanding with SBI Holdings and Startale Group to study whether tokenized money market funds could be linked to JPYSC, the yen-pegged stablecoin SBI offers. The arrangement is an exploratory step rather than a product launch, and it weighs technical, commercial and regulatory questions together.
Scope of the three-party exploration
The memorandum was signed by SBI Holdings and Startale Group on one side and BlackRock Financial Management and BlackRock Japan on the other. Its stated aim is to assess whether tokenized money market funds, which record fund shares as tradable entries on a blockchain, could be connected to JPYSC, SBI's stablecoin tied to the Japanese yen.
The partners have split their work into three strands: technology and infrastructure, business and distribution, and regulation and market development. On the technical side they intend to chart what an integration would require, including the infrastructure that would allow tokenized funds to interact with JPYSC. Commercially, they plan to weigh possible business models and distribution routes, building on each company's existing networks and market access.
Why a stablecoin fits the model
A money market fund places cash in short-term, low-risk instruments. A tokenized version records those fund shares on a blockchain, so they can move and settle in a manner closer to digital assets. In the set-up the partners describe, a stablecoin would act as the cash side, letting investors shift between an interest-bearing fund and a payment token without depending on conventional banking channels.
JPYSC's record so far
JPYSC went live on June 24, 2026, as Japan's first trust-type yen stablecoin. SBI Shinsei Trust Bank issues the token, and its reserves are kept in segregated trust accounts. Under Japanese rules it is classed as a Type III Electronic Payment Instrument.
In July 2026, SBI and Startale carried out proof-of-concept projects on an Ethereum testnet. According to the reporting, those trials showed JPYSC handling near-instant settlement and automated on-chain dividend distribution for a tokenized equity fund valued at approximately $1.3 billion.
Open questions
- Which regulatory and market-development steps would be required before a linked product could reach investors?
- Will the three companies announce a timeline or a first product from the memorandum?