BlackRock, SBI and Startale to link tokenized MMFs to yen coin

BlackRock, Japan's SBI Holdings and Singapore-based Startale Group signed a memorandum of understanding to explore linking tokenized money market funds with JPYSC, SBI's yen stablecoin, according to The Block and Blockchain Reporter reports published overnight into Oct. 27.

Details

The MOU covers three areas: technology and infrastructure, business models and distribution, and regulation and market development. It sets no timeline for a commercial rollout, and no joint product has been announced. The partners say the arrangement stays open to other Japanese and international financial institutions.

According to The Block, BlackRock's tokenized BUIDL fund holds about $2.17 billion in US Treasurys and repos. JPYSC launched in June 2026 as a yen stablecoin backed through a trust bank. SBI Holdings chief Yoshitaka Kitao called the shift to onchain finance an unavoidable global trend and said Japan needs to prepare early.

What it means for the market

For now this is a statement of intent, not a product. Still, the involvement of the world's largest asset manager shows tokenized funds are being considered as collateral and settlement tools beyond the US dollar. In a stablecoin market dominated by dollars, it is a step toward more currency diversity.

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