BlackRock tokenizes $311 billion European money market fund share

In comparison, BlackRock launched a tokenized share category for European money market funds, involving six funds under the BlackRock Institutional Cash Series, holding a total of US$311 billion in assets. This is BlackRock's first time providing on-chain fund visits in Europe, covering allocative and cumulative shares of the euro, pound, and dollar strategies.

Related tokens are minted on Ethereum through Kinexys, the blockchain division of J.P. Morgan Chase. Kinexys is responsible for minting and destroying, and linking on-chain activity to traditional shareholder registration systems. Each token represents a share of the underlying fund, and the official shareholder register is still maintained by the fund transfer agent. Smart contracts can transfer holdings between approved investors' wallets, and the relevant shares are sold to professional and qualified customers, not retail investors. BlackRock also launched a tokenized money market fund for stablecoin reserve management on Solana, Ethereum, and Tempo this Monday.

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