BlackRock Tokenizes European Money Market Funds via JPMorgan Partnership

BlackRock is expanding its tokenized cash-management offerings in Europe through a partnership with JPMorgan. The asset manager will offer tokenized versions of select European money market funds using JPMorgan's blockchain infrastructure.

The offering will include pound sterling, euro and US dollar share classes from BlackRock's Institutional Cash Series, which collectively manage about $311 billion. Each token will represent a share in an underlying money fund and can be transferred around the clock between approved digital wallets.

JPMorgan's Kinexys will provide the tokenization infrastructure, while the bank will continue to serve as the transfer agent for the funds. 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.

Hannah Winter, head of digital cash, noted that the ability to make peer-to-peer transfers had appealed to companies exploring intracompany payments. BlackRock previously entered the tokenized cash-management market with its US dollar-denominated institutional liquidity fund in 2024, which has since grown to $2.67 billion in assets.