$311B BlackRock Money Market Funds Tokenized in Europe with 24/7 Wallet Transfers

BLK has launched tokenized share classes across a range of its European money market funds, giving institutional investors round-the-clock wallet-to-wallet transferability for the first time. The 12 new share classes span six funds in BlackRock's Institutional Cash Series (ICS), covering euro, sterling and US dollar strategies, with a combined $311 billion in assets across the underlying fund range.

The tokens are minted on Ethereum through Kinexys, JPM's blockchain unit, which handles minting and burning and sits between on-chain wallets and BlackRock's traditional share register. Smart contracts let approved investor wallets move holdings peer-to-peer at any time, rather than only during standard settlement windows.

Importantly, the $311 billion figure describes total assets in the fund range now offering a tokenized share class, not the amount already moved on-chain: adoption starts small and is expected to scale as investors opt in. The launch follows BlackRock's BUIDL fund, which debuted on Ethereum in 2024 and has since expanded across multiple blockchains, positioning BlackRock alongside JPMorgan and other managers pushing tokenized cash products in Europe.

For investors, the move signals large managers treating blockchain rails as core settlement infrastructure, not a crypto sideshow. What to watch: the pace of opt-in, how EU regulators treat on-chain fund transfers under MiCA, and whether rivals launch comparable products.

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