BlackRock launches tokenization services for its $311 billion money market funds in Europe

BlackRock has launched tokenized share classes for money market funds (MMFs) across 15 European markets. The newly launched products consist of 12 tokenized share classes based on six funds, with a combined asset under management (AUM) of $311 billion. The share classes include those denominated in pounds, euros, and dollars, and the company stated that they comply with EU UCITS regulations. This European service is an extension of the tokenized cash platform that BlackRock is building in the United States. Just the day before, on Monday, BlackRock also added two tokenized cash products in the U.S., including on-chain share classes for existing funds and a new daily reinvestment stablecoin fund. These successive moves are interpreted as an effort to accelerate the development of a global RWA (real-world asset tokenization) infrastructure. The tokenized funds were implemented through a collaboration with JPMorgan's Kinexys platform. On-chain share classes are available in Bermuda, Estonia, France, Germany, Ireland, Lithuania, Luxembourg, Malta, the Netherlands, Spain, Sweden, Singapore, and the United Kingdom. These products are primarily targeted at corporate finance professionals who already use MMFs for operating capital and reserve cash management, as well as asset managers and investment consultants in both traditional and digital markets. Becky Milset, Global Head of Cash Allocation and International Cash Management at BlackRock, stated: