Blackrock Joins Ripple Ally SBI in a Yen Stablecoin Bet on Japan

Blackrock has signed on with SBI Holdings and Startale Group to explore plugging tokenized money market funds into JPYSC, Japan’s trust bank-backed yen stablecoin. The goal is to study whether tokenized money market funds (MMFs), which are fund shares issued as blockchain tokens, can settle against a yen-denominated stablecoin. In this case it is JPYSC, which SBI and Startale rolled out in June . MMFs are where corporations and institutions park idle cash. Put both on rails that run 24/7 and a Japanese treasurer can move between yen and a yield-bearing fund without waiting for banking hours.