BlackRock partnered with SBI Holdings and Startale to study how to connect its tokenized BUIDL fund with the Japanese yen stablecoin JPYSC, along with the related business models and regulatory requirements. Japan aims to tokenize 40% of its Japanese government bond repo market, worth approximately 106 trillion yen, through a test based on the CC Network. The country already accounts for 15.4% of unique holders of tokenized U.S. Treasuries but just 0.4% of their total value, or $61.7 million. Although BUIDL’s value has fallen by 4% to $2.17 billion and its holder count has declined to 101, entering the Japanese market could expand its exposure and user base.
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