BlackRock tokenizes €31.1B of European money market fund shares

BlackRock has introduced tokenized share classes for its European money market funds, spanning six vehicles in the BlackRock Institutional Cash Series with total assets under management of $311 billion, according to Huoxing Finance. The rollout is BlackRock's first onchain fund-access offering in Europe and covers distributing and accumulating share classes across euro, pound sterling and U.S. dollar strategies. The tokens are issued on Ethereum by JPMorgan's blockchain unit, Kinexys, which handles token minting and burning and links onchain activity with traditional shareholder records. Each token corresponds to one share of the underlying fund, while the official shareholder register continues to be maintained by the fund's transfer agent. Smart contracts allow transfers between approved investor wallets. The tokenized share classes are available only to professional and qualified clients, not retail investors. On Monday, BlackRock also launched tokenized money market funds on Solana, Ethereum and Stripe's Tempo for stablecoin reserve management.