BlackRock, the one of world’s largest asset manager, has introduced tokenised share classes for a selection of its European Institutional Cash Series (ICS) money market funds, marking the firm’s first move into tokenised fund access within Europe.
The new on-chain share classes have been built using the asset tokenisation platform operated by Kinexys by J.P. Morgan, with digital tokens minted on the Ethereum network. The initiative extends blockchain functionality to a combined $311bn of assets under management spread across 15 markets, covering sterling, euro and US dollar denominated share classes within what the firm describes as Europe’s largest cash management platform.
Each digital token corresponds to a share in an underlying ICS fund, while the existing shareholder register continues to be administered through the fund’s transfer agent.
Investors gain a yield-bearing money market fund with the same scale and liquidity as before, alongside round-the-clock peer-to-peer transferability and near real-time visibility of on-chain movements.
The tokenised structure is designed to support a number of emerging applications, including more efficient corporate treasury and liquidity management, digital collateral use, distribution through banking, wealth and digital channels, and integration with wider tokenised financial ecosystems.
The tokenised share classes will initially be offered across public debt constant net asset value (CNAV) and low volatility NAV money market funds in euro, sterling and US dollar variants, spanning twelve individual funds with both daily distribution and accumulation options.
Access to the new share classes will be available across Bermuda, Estonia, France, Germany, Ireland, Lithuania, Luxembourg, Malta, the Netherlands, Spain, Sweden, Singapore and the UK.
BlackRock global head of cash distribution and head of the international cash management business Beccy Milchem said, “Today’s launches represent an important evolution in how investors access and manage cash, while helping modernise capital markets infrastructure.”
Kinexys by J.P. Morgan global head of market development Kara Kennedy said, “Tokenization has moved from concept to execution. By tokenizing share classes of existing money market funds, we bring new on-chain functionality to trusted products, made possible through blockchain rails. At Kinexys, we are focused on delivering institutional grade solutions at scale.”
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