[BlackRock and 30 Other Companies Participate in Tokenized Collateral Pilot Study for Money Market Funds] A report from the Global Digital Finance (GDF) organization reveals that a working group of 70 companies has completed legal research and simulation testing on the tokenized collateralization of European money market funds. Participating institutions include BlackRock, State Street, UBS, Deutsche Bank, HSBC, and 30 other companies. The report highlights that currently, 68% of collateral is still delivered in cash form, and tokenizing money market funds could enhance collateral liquidity and alleviate asset liquidation pressure. The study focuses on analyzing the legal frameworks of the UK, Ireland, and Luxembourg, assessing the impact of tokenization on fund availability, operational risks, and regulatory risks.