BlackRock, SBI and Startale to Explore Tokenized Funds Integration with JPYSC

BlackRock Financial Management and BlackRock Japan signed a memorandum of understanding with SBI Holdings and Startale Group on October 26, 2026. The parties will explore the possibility of linking tokenized money market funds with the JPYSC stablecoin, pegged to the Japanese yen.

The research will cover three areas: technology and infrastructure, business and distribution, regulation and market development. The partners will examine the technical requirements for integration, potential business models and distribution channels, as well as regulatory changes affecting the environment for tokenized assets and stablecoins. The collaboration is intended to be open to financial institutions in Japan and abroad.

“Advancements in digital assets, including tokenization, open up new opportunities for financial markets,” said Yukiko Hashimoto, President of BlackRock Japan. “These innovations can bring new value to investors in Japan.” Jonathan Steele, Managing Director of BlackRock Financial Management, stated that the collaboration reflects a shared commitment to connecting traditional finance with digital asset ecosystems.

“The shift to on-chain finance is becoming an inevitable global trend. If Japan wants to lead this transformation rather than lag behind, we need to prepare in advance,” said Yoshitaka Kitao, Chairman and President of SBI Holdings.

JPYSC was launched on June 24, 2026, as the first trust stablecoin in yen in Japan. The issuer is SBI Shinsei Trust Bank, with reserves held in segregated trust accounts; the token has the status of a Type III Electronic Payment Instrument. In July 2026, SBI and Startale conducted a proof-of-concept on the Ethereum test network: JPYSC demonstrated near-instant settlements and automatic dividend distribution for a tokenized stock fund valued at approximately $1.3 billion. As of October 26, 2026, the supply of JPYSC reached about 20.7 billion tokens valued at approximately $131.5 million.

BlackRock launched the BUIDL fund in 2024: managing approximately $2.17 billion in U.S. Treasury securities, overnight repos, and cash; the company's tokenized products are generally valued at around $2 billion. SBI is a partner of Ripple, which chose SBI Group to launch RLUSD in Japan through the SBI VC Trade exchange.

Integration with JPYSC is not yet confirmed.