BlackRock is moving further into tokenized cash management in Europe, planning to launch tokenized versions of select money market funds using JPMorgan’s blockchain infrastructure, Bloomberg reported on Tuesday.
The initiative is expected to span multiple share classes of BlackRock’s Institutional Cash Series—covering pound sterling, euro, and US dollar—and Bloomberg said these funds collectively manage roughly $311 billion. The figure relates to the broader fund range, not the specific assets that will be tokenized.
Key takeaways
- BlackRock will tokenize select European money market fund share classes using JPMorgan’s blockchain infrastructure.
- Each token is intended to represent an interest in an underlying money market fund and be transferable between approved digital wallets.
- JPMorgan’s Kinexys will supply the tokenization layer, while JPMorgan will continue acting as transfer agent.
- The model targets investors and corporates seeking around-the-clock settlement and more flexible collateral movement.
- BlackRock’s push builds on its earlier tokenized fund launch of BUIDL in 2024, which has grown to about $2.67 billion in assets, per RWA.xyz.
What BlackRock’s tokenized cash product is designed to do
According to Bloomberg, BlackRock’s planned tokenized funds are structured so that each token corresponds to a share in an underlying money market fund. The tokens are designed to move in a near “always on” manner, enabling transfers around the clock between approved digital wallets.
For investors, the practical significance is less about trading speculation and more about operational efficiency: instant-style transfers can reduce frictions that typically accompany settlement windows, especially when money market exposure is used for liquidity management or collateral workflows.
How the JPMorgan infrastructure fits in
Bloomberg reported that JPMorgan’s Kinexys will provide the blockchain infrastructure for the tokenization. At the same time, JPMorgan will continue to serve as the transfer agent for the funds, suggesting a hybrid approach that keeps established fund services in place while adding digital issuance and transfer capabilities.
That division of responsibilities matters because tokenized fund launches often hinge on how well the “plumbing” connects to traditional fund operations. By keeping transfer agency functions within JPMorgan’s existing role, the structure may help reduce integration uncertainty for participants who already rely on regulated fund administration processes.
Why cash movements and collateral are the focus
BlackRock executives cited growing interest from market participants looking for more efficient ways to use cash in digital environments. Beccy Milchem—BlackRock’s global head of cash distribution and head of international cash management—told Bloomberg that the firm has seen demand from digital wallet providers, corporate treasurers, and capital markets participants seeking improved efficiency for collateral.
Hannah Winter, BlackRock’s head of digital cash, added that peer-to-peer transfer capability appealed to companies evaluating intracompany payments. In other words, the appeal is not only in settlement speed but also in internal treasury operations—where moving value between entities can be time-sensitive and require audit-ready processes.
Built on momentum from BUIDL
This European launch comes after BlackRock’s earlier entry into tokenized cash-management with BUIDL, its US dollar-denominated institutional liquidity fund. BlackRock previously introduced BUIDL in 2024 and the product has since grown, reaching $2.67 billion in assets according to RWA.xyz.
While BUIDL and this planned European offering are different in jurisdiction and currency exposure, the continuity in strategy is clear: BlackRock is treating tokenized cash as a scalable product category rather than a one-off experiment. Readers should note that growth figures for these funds can reflect broader market adoption, distribution partnerships, and participant comfort with tokenized settlement—not just underlying price performance.
What to watch next
With BlackRock and JPMorgan positioning tokenized money market fund shares for transfers between approved digital wallets, the next signals to monitor are the rollout timeline, which institutions qualify for wallet access, and how settlement and transfer-agent processes operate under real usage. Those details will determine whether tokenized cash becomes a convenient back-office upgrade—or remains limited to pilots and early adopters.
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