BlackRock tokenizes $311 billion in European money market fund shares

According to Decrypt, BlackRock has launched a tokenized share class for its European money market funds, involving six funds under the BlackRock Institutional Cash Series, with total assets of $311 billion.

This is BlackRock's first on-chain fund access in Europe, covering both distribution and accumulation shares for euro, pound, and dollar strategies.

The related tokens are minted on Ethereum through JPMorgan's blockchain division Kinexys, which is responsible for minting and burning, and connecting on-chain activities with traditional shareholder registration systems.

Each token represents a share of the underlying fund, and the official shareholder register is still maintained by the fund's transfer agent. Smart contracts can transfer holdings between approved investor wallets, and the related shares are sold to professional and qualified clients, not to retail investors.

On Monday, BlackRock also issued tokenized money market funds for stablecoin reserve management on Solana, Ethereum, and Stripe's Tempo.