BlackRock Partners With SBI and Startale to Explore Interoperability Between Tokenized Money Market Funds and Japanese Yen Stablecoins

On October 27, according to The Block, BlackRock Financial Management, BlackRock Japan, Japanese financial group SBI Holdings, and Startale Group have signed a memorandum of understanding (MOU) to explore connecting tokenized money market funds (MMFs) with the yen-stablecoin JPYSC, researching related technical infrastructure, business models, distribution channels, and regulatory requirements.

The four companies stated that this collaboration aims to promote interoperability between tokenized assets and stablecoins, while extending cooperative opportunities to financial institutions and enterprises across Japan and globally. Currently, the initiative remains in the exploratory phase, with no concrete implementation timeline announced.

BlackRock launched its tokenized fund BUIDL in 2024. As of the time of reporting, the fund managed approximately $2.17 billion in assets. SBI Holdings and Startale launched JPYSC in June 2026, with SBI Shinsei Trust Bank responsible for issuance and SBI VC Trade handling distribution.