According to CoinMeta, as reported by The Block, BlackRock's BlackRock Financial Management and BlackRock Japan have signed memorandums of understanding (MOU) with Japanese financial groups SBI Holdings and Startale Group, aiming to explore the connection between tokenized money market funds (MMF) and the Japanese yen stablecoin JPYSC. The collaboration will focus on technical infrastructure, business models, distribution channels, and regulatory frameworks, and is planned to be open to other financial institutions in Japan and overseas. JPYSC is issued by SBI, a new trust bank, with SBI VC Trade responsible for its distribution. BlackRock's previously launched tokenized fund BUIDL manages assets worth approximately $2.17 billion.