BlackRock Brings Tokenized Money Market Funds to European Markets with JPMorgan
BlackRock has expanded its tokenized cash-management offerings to Europe through a partnership with JPMorgan. The global asset manager will offer tokenized versions of select European money market funds using JPMorgan's blockchain infrastructure, Kinexys.
The offering includes pound sterling, euro, and US dollar share classes from BlackRock's Institutional Cash Series, which collectively manage about $311 billion in assets. Each token represents a share in an underlying money market fund and can be transferred around the clock between approved digital wallets.
BlackRock has seen interest from digital wallet providers, corporate treasurers, and capital markets participants seeking more efficient collateral, according to Beccy Milchem, global head of cash distribution and head of international cash management. The ability to make peer-to-peer transfers also appealed to companies exploring intracompany payments, added Hannah Winter, BlackRock's head of digital cash.
This move marks the latest development in BlackRock's tokenized cash-management market, following the launch of its US dollar-denominated institutional liquidity fund, BUIDL, in 2024. The fund has since grown to $2.67 billion in assets, according to RWA.xyz.