BlackRock Financial Management and BlackRock Japan have signed a memorandum of understanding with SBI Holdings and Startale Group to study connecting tokenized money market funds with JPYSC, SBI's yen-denominated stablecoin.
The partners said the exploration will cover technology and infrastructure, business and distribution, and regulation and market development.
What the study will cover
On the technical side, the group plans to map out what would be required to support an integration, including the infrastructure needed for tokenized money market funds to interact with JPYSC.
On the commercial side, the companies intend to examine possible business models and distribution channels, drawing on each firm's existing networks and market access.
A money market fund holds cash in short-term, low-risk instruments. A tokenized version represents fund shares as tokens on a blockchain, allowing them to move and settle more like digital assets. Pairing such a fund with a stablecoin could create a cash leg that lets investors move between a yield-bearing fund and a payment token without relying on traditional banking rails.
JPYSC's background
JPYSC launched on June 24, 2026, as Japan's first trust-type yen stablecoin. It is issued by SBI Shinsei Trust Bank, with reserves held in segregated trust accounts. The token is designated as a Type III Electronic Payment Instrument under Japanese rules.
In July 2026, SBI and Startale ran proof-of-concept projects on an Ethereum testnet. The trials showed JPYSC handling near-instant settlement and demonstrated automated on-chain dividend distribution for a tokenized equity fund valued at approximately $1.3 billion.
As of October 26, 2026, JPYSC's circulating supply had reached approximately 20.7 billion tokens, worth around $131.5 million. Its reserves now include short-term Japanese government bonds alongside other holdings.
Previous collaboration
On October 16, 2026, SBI and Startale joined the Open Standard alliance, whose members include BlackRock and Visa. The alliance is working toward interoperability between JPYSC and OUSD, a dollar stablecoin, with the goal of smoother yen-dollar settlement directly on-chain.
BlackRock already operates tokenized products, including BUIDL, and its tokenized offerings total roughly $2 billion across multiple blockchain networks.
No integration between tokenized money market funds and JPYSC has been confirmed.
