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. On the development, SBI chairman Yoshitaka Kitao said “the shift to onchain finance is becoming an unavoidable global trend,” adding that Japan must prepare early to lead rather than fall behind.

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