Japan's onchain finance push now has the world's largest asset manager on board: BlackRock, SBI Holdings and Startale signed a memorandum of understanding to explore connecting tokenized money market funds with JPYSC, SBI's yen-denominated trust-type stablecoin.

The agreement involves BlackRock Financial Management and BlackRock Japan. The partners will study three areas: technology and infrastructure for connectivity, business models and distribution, and regulatory considerations for tokenized assets and stablecoins.

JPYSC is Japan's first trust-type yen stablecoin, issued under the amended Payment Services Act.

The collaboration is set to be open to other financial institutions in Japan and abroad. The MOU is exploratory and does not yet commit the parties to a specific product or launch date.