BlackRock Tokenizes $311B of European Money Market Funds via JPMorgan’s Kinexys

BlackRock has opened tokenized access to a combined $311 billion in European money market fund assets, rolling out 12 new tokenized share classes tied to six funds across 15 markets. The launch, confirmed by the asset manager on Tuesday, follows within a day of BlackRock expanding its tokenized cash platform in the United States, signaling a rapid push to move institutional cash management onto blockchain rails on both sides of the Atlantic.

The new share classes sit within BlackRock’s Institutional Cash Series and comply with the European Union’s UCITS fund rules, covering sterling, euro and dollar denominations. The tokenization work was built in partnership with JPMorgan, using the bank’s Kinexys platform to issue and settle the onchain shares.

Why the $311 billion figure matters

The $311 billion is not new capital raised for tokenized products — it is the existing assets under management of the six underlying money market funds that now get a digital wrapper. That distinction matters for investors: the tokenized share classes don’t change the funds’ investment strategy or risk profile, they add a blockchain-based holding and transfer layer on top of established liquidity management and dealing processes that corporate treasurers already use.

Beccy Milchem, BlackRock’s global head of cash distribution and head of international cash management, framed the move around scale and liquidity rather than novelty. “This is what investors want in cash management: size and liquidity,” Milchem said, adding that the tokenized share classes bring “a new digital holding and transfer capability” to funds already backed by proven dealing infrastructure.

Ethereum, Solana and a fast-growing RWA market

The tokenized share classes are built on Ethereum, while BlackRock’s parallel U.S. expansion this week also brought a daily-reinvestment stablecoin fund that extends onto Solana. The multi-chain approach follows a pattern BlackRock has used since launching its BUIDL tokenized fund, which has already surpassed $2.6 billion, spreading exposure across several blockchain networks rather than committing to a single one.

The broader tokenized real-world asset market has grown more than 200% over the past year to exceed $30 billion, according to data from rwa.xyz. Citi has projected tokenized securities could reach $5.5 trillion by 2030, a forecast BlackRock chief executive Larry Fink has repeatedly cited in arguing that tokenization will reshape how institutions hold and move cash and securities.

What it means for holders and the market

For corporate treasurers and asset managers, the tokenized share classes offer a faster, blockchain-native settlement path for cash they were already parking in UCITS-compliant money market funds — without altering fund mechanics or yield profiles. For the crypto industry, BlackRock’s back-to-back U.S. and European rollouts within the same week reinforce that the world’s largest asset manager, overseeing trillions in assets, is treating tokenized cash infrastructure as core business rather than experimental.

The pace of announcements also puts pressure on rival banks and asset managers to match BlackRock’s tokenization timeline, particularly as JPMorgan’s Kinexys platform now underpins both this European launch and other institutional blockchain settlement work. Investors watching the RWA sector should track whether inflows into these tokenized share classes actually shift meaningful volume away from traditional fund administration, or remain a parallel digital rail used mainly by early institutional adopters.

Read more: BlackRock Launches BSTBL, BRSRV Tokenized Funds as BUIDL Tops $2.6B

Sources

• coindesk.com
• theblock.co
• decrypt.co