Yen meets tokenization: BlackRock joins SBI and Startale’s JPYSC probe 🪙

BlackRock Financial Management and BlackRock Japan have signed a memorandum of understanding with Ripple partner SBI Holdings and Startale Group to explore connecting tokenized money market funds (MMFs) with SBI’s Japanese yen-pegged stablecoin JPYSC.

Under the MOU, the companies will examine technology and infrastructure, business and distribution, and regulation and market development. Their stated aim is to assess how tokenized MMFs and JPYSC could be connected.

BlackRock and SBI may also partner with other companies to develop on-chain finance in Japan and globally.

BlackRock Japan’s president Yukiko Hashimoto said, “Advances in digital assets, including tokenization, are opening up new possibilities for financial markets. At BlackRock, we believe these innovations can help advance financial markets and deliver new value to investors.”