BlackRock Brings Tokenised Access to $311 Billion in European Money Market Funds

BlackRock has launched 12 tokenised share classes across six money market funds in 15 European markets, giving institutional clients onchain access to a combined $311 billion in assets under management. The share classes span sterling, euro, and dollar denominations and are structured as UCITS (Undertakings for Collective Investment in Transferable Securities)-compliant funds, covering jurisdictions including the United Kingdom, Germany, France, Luxembourg, Ireland, the Netherlands, Spain, Sweden, Singapore, and several others. The tokenisation was executed in collaboration with JPMorgan, using the bank’s Kinexys platform.

The European rollout follows by one day BlackRock’s expansion of tokenised cash offerings in the United States, which included onchain shares of an existing fund and a new daily reinvestment stablecoin fund. The target client base for the European products is corporate treasurers managing operating and reserve cash, alongside asset managers and investment consultants operating across traditional and digital markets. Beccy Milchem, BlackRock’s global head of cash distribution and head of international cash management, characterised the value proposition as adding digital holding and transfer capability to funds already supported by established liquidity-management infrastructure.

The move lands against a backdrop of rapid growth in the tokenised real-world asset market, which according to rwa.xyz has expanded more than 200% over the past year to exceed $30 billion. Citi has separately projected tokenised securities could reach $5.5 trillion by 2030. For operators, the signal is structural: the world’s largest asset manager is now converting existing, scaled, regulated fund infrastructure into onchain instruments rather than building bespoke tokenised vehicles from scratch, a pattern that substantially lowers the adoption barrier for institutional counterparties already holding UCITS money market funds.