BlackRock, the largest U.S. asset manager, launched its first tokenized fund offering in Europe on August 4, creating 12 on-chain share classes across six funds on its Institutional Cash Series money market fund platform. The classes, denominated in euros, British pounds and U.S. dollars, are available in 15 markets including Europe and are existing funds compliant with UCITS (the European Union’s harmonized investment-fund framework). JPMorgan’s Kinexys blockchain division provides the infrastructure, with tokens issued on Ethereum and designed to represent one share each in the underlying funds. The official shareholder registry remains with the fund’s transfer agent, a JPMorgan operating company that will continue in that role, while approved digital wallets can transfer assets 24 hours a day, 365 days a year through smart contracts (self-executing blockchain code). The six funds had combined assets under management of $311 billion, or approximately ¥49.2 trillion, as of June 30, 2025, although that figure represents total fund assets rather than the amount moving on-chain. Kara Kennedy, Global Head of Market Development at Kinexys, said that "tokenization has moved from concept to execution." The European launch followed BlackRock’s introduction of two tokenized money market funds in the United States on August 3. CEO Larry Fink has called tokenization "the next major market trend." The expansion highlights a broader shift from single-asset crypto products toward blockchain-based financial infrastructure, although regulatory clarity, blockchain interoperability and secure custody remain challenges.