BlackRock Partners With JPMorgan to Launch Tokenized Funds in Europe

BlackRock is expanding into tokenized finance in Europe, teaming up with JPMorgan to bring blockchain-based versions of its money market funds to the region.

What the New Offering Includes

The tokenized share classes will cover pound sterling, euro, and US dollar denominations, drawn from BlackRock’s Institutional Cash Series, a fund lineup that collectively manages around $311 billion. It’s worth noting that figure reflects the entire fund range, not just the portion being tokenized. Each token will represent a share in the underlying fund and can be transferred at any time, day or night, between approved digital wallets.

JPMorgan’s Role in the Rollout

JPMorgan’s Kinexys platform will handle the tokenization infrastructure behind the offering, while the bank will also continue acting as transfer agent for the funds. According to BlackRock’s global head of cash distribution, Beccy Milchem, the firm has already seen strong interest from digital wallet providers, corporate treasury teams, and capital markets participants looking for more efficient ways to manage collateral.

Building on Previous Tokenization Efforts

This isn’t BlackRock’s first move into tokenized cash products. The firm entered the space back in 2024 with BUIDL, its dollar-denominated institutional liquidity fund built on Ethereum. Since launch, BUIDL has grown to roughly $2.67 billion in assets, according to data from RWA.xyz.