BlackRock, SBI and Startale sign MOU on tokenized funds and JPYSC

BlackRock Financial Management and BlackRock Japan have signed a memorandum of understanding with SBI Holdings and Startale Group to study whether tokenized money market funds can be connected to JPYSC, a yen-denominated stablecoin, according to Cryptobriefing. The agreement was announced on October 27, 2026, and covers technical development, business opportunities and regulatory requirements.

No live integration, specific BlackRock fund or commercial launch date was disclosed. The participants said they plan to consult financial institutions and other businesses in Japan and overseas as possible operating models take shape.

Key facts

• An October 27 announcement from SBI Holdings and Startale disclosed the MOU, which involves BlackRock Financial Management and BlackRock Japan.
• The work is divided into technology and infrastructure, business and distribution, and regulation and market development.
• JPYSC is issued by SBI Shinsei Trust Bank, with reserves held in segregated trust accounts, and is designated as a Type III Electronic Payment Instrument under Japanese rules.
• BlackRock already runs tokenized products including BUIDL, and its tokenized offerings total roughly $2 billion across multiple blockchain networks, Cryptobriefing reported.
• On October 16, 2026, SBI and Startale joined the Open Standard alliance, whose members include BlackRock and Visa.

What the partners would test

A money market fund holds short-term, low-risk instruments. A tokenized version represents fund shares on a blockchain so they can settle more like digital assets. Pairing one with a stablecoin could give investors a cash leg for moving between a yield-bearing fund and a payment token without conventional banking rails.

SBI Holdings brings banking, securities and digital asset operations, while Startale contributes blockchain development. The BlackRock side adds the asset manager’s experience running investment funds. An announcement from the companies did not name a blockchain network or a timetable for completing the work.

JPYSC’s short record

Cryptobriefing reported that JPYSC launched on June 24, 2026, as Japan’s first trust-type yen stablecoin. In July 2026, SBI and Startale ran proof-of-concept projects on an Ethereum testnet that showed near-instant settlement and automated on-chain dividend distribution for a tokenized equity fund valued at approximately $1.3 billion. As of October 26, 2026, the token’s circulating supply had reached approximately 20.7 billion tokens, worth around $131.5 million, with reserves including short-term Japanese government bonds.

Crypto.news reported separately that SBI and Startale introduced the Strium blockchain in February, a network intended for trading tokenized equities, foreign exchange products and other financial assets. SBI VC Trade provides JPYSC distribution through the group’s regulated digital asset operations, according to Crypto.news.

Coinpedia described BlackRock as a $15.5 trillion asset manager and SBI as a Ripple partner, describing the goal as linking traditional financial assets with blockchain-based payments. Coinpedia also carried SBI Chairman Yoshitaka Kitao’s remark that SBI Group would keep building products and services to support the shift to onchain finance.

Why it matters

Japan’s amended Payment Services Act already supplies a legal basis for fiat-linked digital payment instruments, so the question is less whether a yen stablecoin can exist than whether regulated investment funds can operate alongside one. The arrangement would put BlackRock’s tokenized fund infrastructure in the same setting as SBI’s trust-bank stablecoin, extending a relationship the two sides had already formed through the Open Standard alliance.

The MOU does not commit capital or funding, and it does not establish that regulators have approved a combined service.

What to watch

The companies have said only that further assessment will determine the technical design, participating funds and operating arrangements. Separately, SBI is running cross-border QR payment experiments with partners in South Korea, with verification targeted for completion by December 2026, Crypto.news reported; those trials involve different participants from the new MOU.

Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.

Sources: Crypto Briefing, Crypto.news, Coinpedia