BlackRock and SBI plan to collaborate to explore the connection between tokenized MMFs and the yen stablecoin JPYSC.

October 27: BlackRock Financial Management and BlackRock Japan, subsidiaries of BlackRock, have signed a memorandum of understanding (MOU) with Japanese financial group SBI Holdings and Startale Group to explore connecting tokenized money market funds (MMFs) with the Japanese yen stablecoin JPYSC.

The collaboration will focus on technical infrastructure, business models, distribution channels, and regulatory frameworks, and is planned to be opened to other financial institutions in Japan and overseas. JPYSC is issued by SBI Shinsei Trust Bank, with SBI VC Trade responsible for distribution. BlackRock's previously launched tokenized fund BUIDL has approximately $2.17 billion in assets under management. (The Block)