BlackRock Tokenizes $311B of European Money Market Funds With JP Morgan's Kinexys
BlackRock launched 12 tokenized share classes for six European money market funds in its Institutional Cash Series, bringing on-chain access to funds with a combined $311 billion in assets. The share classes cover euro, sterling, and U.S. dollar strategies in distributing and accumulating versions, and are available to professional and qualified investors in multiple European and Asian jurisdictions. The tokens are minted on Ethereum through J.P. Morgan’s Kinexys, which handles minting and burning as an interface between blockchain activity and the traditional share register. Each token represents a fund share, while the official register remains with the transfer agent. Smart contracts enable near real-time, peer-to-peer transfers between approved wallets. BlackRock says the structure supports cash management, digital collateral, and distribution use cases while preserving the funds’ existing liquidity, capital preservation, and risk standards. The launch follows BlackRock’s broader push into tokenized funds, including BUIDL and a recent multi-chain money market fund rollout.
