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MM.Finance is a decentralized exchange build on Cronos, then the protocol expand to Polygon and Arbitrum, and develop lending market, Launchpad and other functions.
BlackRock Partners With SBI and Startale to Explore Interoperability Between Tokenized Money Market Funds and Japanese Yen Stablecoins
According to The Block, BlackRock Financial Management Company, BlackRock Japan, Japanese financial group SBI Holdings, and Startale Group have signed a memorandum of understanding (MOU) to explore linking tokenized money market funds (MMFs) with the Japanese yen stablecoin JPYSC, and will research related technological infrastructure, business models, distribution channels, and regulatory requirements.
The tokenized asset market size is approximately $39.1 billion, with treasury bonds and credit products accounting for 61%.
According to Digital Today, Toss Insight, the financial research institute under South Korean fintech platform Toss, released a report titled "DeFi · Tokenized Assets: The Bridge Between Traditional Finance and On-Chain Finance" on October 16. The report indicates that as of early September 2026, the tokenized assets market size was approximately $39.1 billion. Among these, credit products such as U.S. Treasuries, money market funds (MMFs), and corporate loans collectively accounted for about 61%. The report points out that the market is currently concentrated on products with stable yields and high suitability as collateral. While tokenization has lowered investment thresholds, investment eligibility may still be restricted due to product structures and regulations across different jurisdictions. For example, most currently tokenized U.S. equities utilize a cash settlement structure, meaning investors do not actually hold the underlying shares. Tokenized Treasuries and funds are also predominantly open only to accredited investors.
Analyst: Market has ample "dry powder," but entry may require rate cuts as trigger; S&P 500 and money market fund assets rise in tandem
: Eric Balchunas, Senior ETF Analyst at Bloomberg, stated that the S&P 500 is currently at historical highs, while money market fund (MMF) assets have also hit record levels. This contrast of "both stocks and cash at highs" is stark, but for bulls, it means there is still plenty of "dry powder" that has yet to enter the market. A significant return of funds to the stock market may only occur when interest rates fall below 3%, as in the current 4% yield environment, investors prefer holding stable net asset value money market funds with no drawdown risk over bond ETFs.Balchunas believes that the substantial drawdown in the bond market in 2022 (e.g., AGG fell by about 13%) eroded investor confidence in traditional bonds, leading money market funds to partially replace traditional bond allocations. Additionally, macroeconomic uncertainties in the U.S. (including factors related to Trump's policies) have further exacerbated capital's wait-and-see sentiment.
Analyst: Market has ample "dry powder," but entry may require rate cuts as trigger; S&P 500 and money market fund assets rise in tandem
: Eric Balchunas, Senior ETF Analyst at Bloomberg, stated that the S&P 500 is currently at historical highs, while money market fund (MMF) assets have also hit record levels. This contrast of "both stocks and cash at highs" is stark, but for bulls, it means there is still plenty of "dry powder" that has yet to enter the market. A significant return of funds to the stock market may only occur when interest rates fall below 3%, as in the current 4% yield environment, investors prefer holding stable net asset value money market funds with no drawdown risk over bond ETFs.Balchunas believes that the substantial drawdown in the bond market in 2022 (e.g., AGG fell by about 13%) eroded investor confidence in traditional bonds, leading money market funds to partially replace traditional bond allocations. Additionally, macroeconomic uncertainties in the U.S. (including factors related to Trump's policies) have further exacerbated capital's wait-and-see sentiment.
Bloomberg Analysts: S&P 500 and MMF Rise in Sync, Market "Bullets" Ample but Entry May Require Rate Cut Trigger
Bloomberg Senior ETF Analyst Eric Balchunas posted on platform X stating that the S&P 500 Index is currently at historical highs, while Money Market Fund (MMF) assets have also hit record highs. This structure of "both stock market and cash at highs" forms a sharp contrast, but for bulls, it means there is still a large amount of "dry powder" yet to enter the market.
Related news
BlackRock Partners With SBI and Startale to Explore Interoperability Between Tokenized Money Market Funds and Japanese Yen Stablecoins
According to The Block, BlackRock Financial Management Company, BlackRock Japan, Japanese financial group SBI Holdings, and Startale Group have signed a memorandum of understanding (MOU) to explore linking tokenized money market funds (MMFs) with the Japanese yen stablecoin JPYSC, and will research related technological infrastructure, business models, distribution channels, and regulatory requirements.
Korea Future Asset Securities plans to launch tokenized products in Q1 2027, with initial offerings including tokenized money market funds and private bonds.
According to The Block, citing local Korean media Digital Asset, Mirae Asset Securities plans to launch tokenized products in the first quarter of 2027. The initial offerings will include tokenized money market funds (MMFs) and private bonds. For context, Mirae Asset acquired the local Korean cryptocurrency exchange Korbit earlier this year and renamed its operating company to Digital X, while setting four key focus areas: cryptocurrencies, stablecoins, real-world asset (RWA) tokenization, and security token offerings (STOs).
The tokenized asset market size is approximately $39.1 billion, with treasury bonds and credit products accounting for 61%.
According to Digital Today, Toss Insight, the financial research institute under South Korean fintech platform Toss, released a report titled "DeFi · Tokenized Assets: The Bridge Between Traditional Finance and On-Chain Finance" on October 16. The report indicates that as of early September 2026, the tokenized assets market size was approximately $39.1 billion. Among these, credit products such as U.S. Treasuries, money market funds (MMFs), and corporate loans collectively accounted for about 61%. The report points out that the market is currently concentrated on products with stable yields and high suitability as collateral. While tokenization has lowered investment thresholds, investment eligibility may still be restricted due to product structures and regulations across different jurisdictions. For example, most currently tokenized U.S. equities utilize a cash settlement structure, meaning investors do not actually hold the underlying shares. Tokenized Treasuries and funds are also predominantly open only to accredited investors.
Japan's Ministry of Finance Proposes Three Types of Government Bond On-Chain Solutions
Japan's Ministry of Finance today held the first meeting of its "Government Bond On-Chain Research Group" and released explanatory materials, tentatively categorizing government bond on-chaining into three types:Type 1 involves circulating investment trust government bond fund (MMF) beneficiary rights on the blockchain; Type 2 involves putting transfer ledgers on-chain under the current transfer settlement system, including three forms: a single account management institution, multi-institution collaboration, and integration with the Bank of Japan's ledger; Type 3 involves issuing new forms of government bonds on a blockchain outside the current system.Japan's Ministry of Finance believes that government bond on-chaining can improve collateral and liquidity management efficiency and expand the investor base, particularly benefiting overseas investors, but there are also challenges such as market fragmentation, transmission of severe price fluctuations, and system renovation costs. All three types are currently tentative classifications, and the Ministry of Finance plans to compile a report by January 2027.
Japan's Ministry of Finance Establishes "On-chain Response Research Committee" to Advance Exploration of Instant Government Bond Settlement
According to Reuters, Japan's Ministry of Finance announced on September 30 the establishment of the "On-Chain Research Group," focusing on the feasibility of real-time settlement for government bond transactions, with its inaugural meeting scheduled for October 8. The group will systematically outline the advantages and disadvantages of blockchain-based instant settlement relative to current T+1 settlement conventions. Members will include professors from academic institutions such as the University of Tokyo and Waseda University, alongside private sector strategists, and will involve the Bank of Japan and the Financial Services Agency to participate in exchanging views. A senior official at the Ministry of Finance noted that existing U.S. MMF products backed by government bonds and traded on blockchain will serve as important reference cases. The research group plans to consolidate its findings on the topic by the end of the year.
Analyst: Market has ample "dry powder," but entry may require rate cuts as trigger; S&P 500 and money market fund assets rise in tandem
: Eric Balchunas, Senior ETF Analyst at Bloomberg, stated that the S&P 500 is currently at historical highs, while money market fund (MMF) assets have also hit record levels. This contrast of "both stocks and cash at highs" is stark, but for bulls, it means there is still plenty of "dry powder" that has yet to enter the market. A significant return of funds to the stock market may only occur when interest rates fall below 3%, as in the current 4% yield environment, investors prefer holding stable net asset value money market funds with no drawdown risk over bond ETFs.Balchunas believes that the substantial drawdown in the bond market in 2022 (e.g., AGG fell by about 13%) eroded investor confidence in traditional bonds, leading money market funds to partially replace traditional bond allocations. Additionally, macroeconomic uncertainties in the U.S. (including factors related to Trump's policies) have further exacerbated capital's wait-and-see sentiment.