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BlackRock has launched its first tokenized money market fund share classes in Europe through JPMorgan’s Kinexys platform, providing blockchain-based access to six Institutional Cash Series funds managing a combined $311 billion.
The rollout includes 12 share classes issued as tokens on Ethereum and available across 15 markets. Eligible institutional investors can hold and transfer representations of existing regulated fund shares without changing the underlying portfolios or official shareholder records.
Six Funds Add Euro, Sterling, and Dollar Tokenized Share Classes
The launch covers BlackRock’s Euro Government Liquidity, Sterling Government Liquidity, U.S. Treasury, Euro Liquidity, Sterling Liquidity and U.S. Dollar Liquidity funds.
Each fund has received distributing and accumulating on-chain share classes in its existing currency. The funds remain part of BlackRock’s Irish-domiciled Institutional Cash Series and retain their established investment, dealing and liquidity-management processes.
Each Ethereum token represents a corresponding share in one of the funds. The transfer agent continues to maintain the official shareholder register, making the blockchain token a digital representation of an existing regulated holding rather than a separate fund asset.
Kinexys Links Ethereum Transfers to Official Fund Records
Kinexys acts as the link between activity on Ethereum and the funds’ traditional transfer-agent infrastructure.
Approved investors can transfer tokenized shares between allow-listed wallets around the clock through smart contracts. The structure provides near-real-time on-chain movement and visibility while preserving the conventional register as the authoritative ownership record.
Subscriptions and redemptions remain connected to the funds’ existing dealing and recordkeeping processes. Kinexys supports the issuance, redemption, and transfer of tokenized money market fund interests while maintaining connectivity with legacy transfer-agent systems.
BlackRock Targets Treasury, Collateral, and Bank Distribution
BlackRock said the new share classes are intended for corporate treasury and liquidity management, digital collateral, bank and wealth distribution, and integration with other tokenized financial systems.
The 24-hour transfer function allows eligible investors to move ownership of yield-bearing money market fund shares outside conventional transfer windows, subject to wallet approval and blockchain processing.
The European launch follows BlackRock’s introduction of two tokenized U.S. money market products, including offerings aimed partly at stablecoin reserve management. The 12 European share classes are now available to approved investors while the underlying funds continue operating through their established regulated structures.
