BlackRock Joins SBI and Startale to Link Tokenized MMFs With Japanese Yen Stablecoins
SBI Holdings and Startale Group signed a memorandum of understanding with BlackRock Financial Management and BlackRock Japan to explore linking tokenized money market funds (MMFs) with SBI’s Japanese yen-denominated stablecoin, JPYSC. The companies will assess technology and infrastructure, business and distribution, and regulatory and market-development issues, according to The Block, and said the collaboration would be open to financial institutions and businesses in Japan and internationally. JPYSC launched with Startale in June this year as Japan’s first trust bank-backed yen stablecoin; BlackRock’s BUIDL fund held around $2.17 billion in U.S. Treasurys, overnight repos and cash under management.