BlackRock tokenizes 12 share classes across six European money market funds, tapping $311 billion in assets with JPMorgan's Kinexys platform.
BlackRock (BLK) is bringing tokenized share classes to Europe, tapping a combined $311 billion in money market fund assets. The world's largest asset manager unveiled 12 new tokenized share classes based on six funds across 15 European markets, the firm said Tuesday.
The funds comply with the European Union's UCITS regulations and include sterling, euro and dollar share classes. The move comes a day after BlackRock added two tokenized cash offerings in the U.S.
CEO Larry Fink has repeatedly championed tokenization as a way to modernize financial markets. The tokenized real-world asset market has grown more than 200% over the past year to over $30 billion, according to rwa.xyz. Citi projects tokenized securities could reach $5.5 trillion by 2030.
BlackRock designed the tokenized funds for corporate treasurers who already use money market funds to manage operating and reserve cash, as well as for asset managers and investment consultants across traditional and digital markets.
“This is what investors want in cash management: size and liquidity,” Beccy Milchem, BlackRock's global head of cash distribution and head of international cash management, said in an email. “The tokenised share classes add a new digital holding and transfer capability to funds supported by established investment, dealing and liquidity-management processes.”
The Institutional Cash Series money market funds were tokenized in collaboration with JPMorgan (JPM) using the bank's Kinexys platform. The onchain share classes are available in Bermuda, Estonia, France, Germany, Ireland, Lithuania, Luxembourg, Malta, the Netherlands, Spain, Sweden, Singapore, and the U.K.
BlackRock's Alpha Score is 68/100, a Moderate rating. JPMorgan's Alpha Score is 65/100, also Moderate. The stock currently trades at $352.64, up 0.24% on the session.
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