BlackRock, Japan’s SBI Holdings and Startale Group have signed a memorandum of understanding to explore linking tokenised money market funds with the JPYSC yen stablecoin. JPYSC launched in June 2026, is issued by SBI Shinsei Trust Bank and distributed by SBI VC Trade. BlackRock’s tokenised BUIDL fund manages about $2.17 billion. The memorandum is non-binding and sets no timeline for specific products.

What it means: The memorandum shows how large asset managers are trying to connect their tokenised products with local stablecoins in different currencies. The idea is that an institutional investor could move quickly between a money market fund and digital yen without the delays of traditional settlement. Japan has some of the strictest stablecoin rules, allowing issuance only by banks, money transfer firms and trust companies, which lends JPYSC credibility. As a non-binding memorandum, though, the announcement does not mean a product is ready. In Europe the equivalent debate is about euro stablecoins issued under MiCA and how they will connect with tokenised bonds and funds, while the ECB prefers settlement in central bank money for wholesale transactions. For Greek businesses trading with Asia, regulated stablecoins in local currencies may simplify payments in the future, but for now traditional banking channels remain the main option. Any business looking at this should first check the issuer’s licence and how redemption into ordinary money works in practice.

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