SBI Holdings, Startale Group, BlackRock Financial Management and BlackRock Japan reached a preliminary agreement to study connecting tokenized money-market funds with JPYSC, the yen stablecoin issued by SBI Shinsei Trust Bank. The partners will work on infrastructure for subscribing to or redeeming fund units in JPYSC, economic models and distribution, as well as regulatory considerations. No amount, blockchain, specific product or launch date was announced, and the statement does not mention BlackRock’s BUIDL fund. Launched in June 2026, JPYSC remains restricted to SBI VC Trade accounts and is expected to be transferable to a public blockchain once Japanese authorities give their approval. The partnership comes in a Japanese market regulated since 2023, where SBI is the first group to combine a circulating yen stablecoin, an issuing trust bank and a licensed trading platform.
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