BlackRock, SBI Sign Yen Stablecoin Study for Tokenized Money Market Funds

BlackRock Financial Management, Inc., BlackRock Japan Co., Ltd., SBI Holdings and Startale Group signed an agreement to study possible links between tokenized money market funds and JPYSC, a yen-denominated trust-type stablecoin. The companies dated their joint announcement Oct. 27 in Tokyo. The memorandum of understanding sets out three areas of work: technology and infrastructure, business models and distribution opportunities, and regulation and market development. The collaboration is intended to welcome financial institutions and businesses in Japan and internationally. The agreement starts a study; it does not establish a fund-to-stablecoin service.