[DigitalToday reporter Chi-gyu Hwang] BlackRock is working with SBI Holdings and Statele Group to link a tokenised money market fund (MMF) with a yen stablecoin, The Block reported on Oct. 26 (local time).

According to the report, SBI Holdings and Statele Group signed a memorandum of understanding (MOU) with BlackRock Financial Management and BlackRock Japan for the effort. The companies are reviewing a plan to connect the tokenised MMF to SBI’s yen stablecoin, JPYSC.

The cooperation will proceed in three areas: technology and infrastructure, business and distribution, and regulatory and market development. The three companies will review the technical requirements and infrastructure needed for the linkage and will also explore business models and distribution opportunities using their respective networks.

The three companies said, "The next step is to connect tokenised assets and stablecoins and put in place the infrastructure, distribution channels and regulatory framework to support market expansion."

Yoshitaka Kitao (기타오 요시타카), chairman and chief executive of SBI Holdings, said, "The shift to on-chain finance is becoming an unavoidable global trend." He said, "For Japan not to fall behind and to lead this change, it must prepare in advance and lay the foundation for the next-generation financial market."

BlackRock launched the tokenised fund BUIDL in 2024. BUIDL manages about $2.17 billion in U.S. Treasuries, overnight repurchase agreements (repos) and cash, and has grown into one of the largest funds in the sector.

SBI launched JPYSC in June with Statele as Japan’s first trust bank-based yen stablecoin. JPYSC is issued by SBI Shinsei Trust Bank, while distribution is handled by crypto exchange SBI VC Trade.