JPMorgan's Kinexys Platform to Power BlackRock's European Tokenized Money Market Fund Launch
Select BlackRock money market fund shares will be tokenized through JPMorgan's Kinexys platform, covering denominations in US dollars, euros and pounds sterling.
BlackRock is set to launch tokenized versions of certain European money market funds by leveraging JPMorgan's blockchain technology infrastructure.
Based on a Bloomberg report released Tuesday, the initiative will encompass US dollar, euro and pound sterling share classes drawn from BlackRock's Institutional Cash Series, a fund range that oversees approximately $311 billion in total. This number represents the entire fund range's assets under management, not exclusively the portion set for tokenization.
Individual tokens will each signify ownership of a share in a corresponding money market fund and will be capable of round-the-clock transfers among authorized digital wallets.
The tokenization technology infrastructure will be supplied by JPMorgan's Kinexys platform, with JPMorgan maintaining its role as the transfer agent for these funds.
Beccy Milchem, BlackRock's global head of cash distribution and head of international cash management, said the asset manager has seen interest from digital wallet providers, corporate treasurers and capital markets participants seeking more efficient collateral.
Hannah Winter, BlackRock's head of digital cash, said the ability to make peer-to-peer transfers had appealed to companies exploring intracompany payments.
BlackRock previously entered the tokenized cash-management market with BUIDL, its US dollar-denominated institutional liquidity fund, in 2024. The fund has since grown to $2.67 billion in assets, according to RWA.xyz.