BlackRock has signed a memorandum of understanding with SBI Holdings and Startale to explore connecting tokenized money market funds with SBI's Japanese yen-backed stablecoin, JPYSC. The collaboration aims to advance on-chain finance development in Japan and globally.
The partnership between BlackRock, SBI Holdings, and Startale aims to bridge traditional finance with digital asset ecosystems by connecting tokenized money market funds with a yen-pegged stablecoin, potentially driving on-chain finance development in Japan and globally.
BlackRock has entered into a memorandum of understanding with SBI Holdings and Startale to investigate the integration of tokenized money market funds with SBI's Japanese yen-backed stablecoin, JPYSC. This collaboration seeks to leverage advancements in digital assets and tokenization to create new possibilities within financial markets. The companies will examine technological, business, and regulatory aspects to facilitate this connection. SBI Holdings, a partner of Ripple, launched JPYSC in June with SBI Shinsei Trust Bank managing its issuance and SBI VC Trade handling distribution, marking it as Japan's first trust bank-backed yen stablecoin. Ripple had previously partnered with SBI Group for its RLUSD stablecoin launch in Japan.
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