South Korea advances ‘crypto’ bill, tax fight continues

BlackRock will offer tokenized versions of select European money market funds using JPMorgan’s blockchain infrastructure. According to a Tuesday Bloomberg report, the offering will include pound sterling, euro and US dollar share classes from BlackRock’s Institutional Cash Series, which collectively manage about $311 billion. The figure refers to the broader fund range, not the assets that will be tokenized.Each token will represent a share in an underlying money market fund and can be transferred around the clock between approved digital wallets. JPMorgan’s Kinexys will provide the tokenization infrastructure, while the bank will continue to serve as the transfer agent for the funds. Beccy Milchem, BlackRock’s global head of cash distribution and head of international cash management, said the asset manager has seen interest from digital wallet providers, corporate treasurers and capital markets participants seeking more efficient collateral.Hannah Winter, BlackRock’s head of digital cash, said the ability to make peer-to-peer transfers had appealed to companies exploring intracompany payments.BlackRock previously entered the tokenized cash-management market with BUIDL, its US dollar-denominated institutional liquidity fund, in 2024. The fund has since grown to $2.67 billion in assets, according to RWA.xyz.Related: BlackRock launches tokenized money market funds for stablecoin reservesCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.