- BlackRock launched 12 tokenized share classes for six European money market funds holding a combined $311 billion.
- Tokens are minted on Ethereum via J.P. Morgan’s Kinexys, while the official shareholder register remains with the fund’s transfer agent.
- The launch follows BlackRock’s separate tokenized money market funds on Solana, Ethereum, and Tempo aimed at stablecoin reserve management.
BlackRock has launched tokenized share classes for a range of European money market funds holding a combined $311 billion, marking its first on-chain fund access in Europe. The 12 new share classes sit across six funds in the BlackRock Institutional Cash Series, covering euro, sterling and U.S. dollar strategies. Tokens are minted on Ethereum using Kinexys, J.P. Morgan‘s blockchain unit, which handles minting and burning and acts as the layer between on-chain activity and the traditional share register. Each token represents a share in the underlying fund, and smart contracts move holdings between approved investor wallets for round-the-clock peer-to-peer transferability.
“Today’s launches represent an important evolution in how investors access and manage cash, while helping modernise capital markets infrastructure,” said Beccy Milchem, Global Head of Cash Distribution at BlackRock. Kara Kennedy, global head of market development at Kinexys, noted that tokenization has moved from concept to execution. The share classes are marketed to professional and qualified clients across 13 jurisdictions including the UK, Germany, and Singapore. The underlying funds are public debt constant net asset value and low volatility NAV money market funds regulated under Europe’s UCITS regime. This launch lands a day after BlackRock issued tokenized money market funds on Solana, Ethereum, and Tempo, with Securitize as transfer agent, aimed at stablecoin reserve management. The asset manager’s BUIDL fund, launched on Ethereum in March 2024, now manages more than $2.6 billion. CEO Larry Fink has framed tokenization as the next major evolution in market infrastructure.
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