BlackRock has launched Ethereum-based tokenized share classes for several European money market funds, extending part of its $311 billion Institutional Cash Series (ICS) onto blockchain infrastructure. The rollout marks the asset manager’s first tokenized fund offering in Europe and expands its efforts to integrate traditional financial products with blockchain-based ownership and settlement.
Built on Kinexys by JPMorgan, the tokenized share classes represent underlying interests in BlackRock’s ICS money market funds while the official shareholder register remains with the existing transfer agent, according to a statement initially reported by The Block. The structure enables investors to hold and transfer fund interests onchain without changing the legal ownership framework.
Kinexys Powers BlackRock’s Tokenized Fund Infrastructure
The launch includes 12 tokenized share classes across the ICS Euro Government Liquidity, Sterling Government Liquidity, U.S. Treasury, Euro Liquidity, Sterling Liquidity, and U.S. Dollar Liquidity funds. Approved institutional investors can transfer holdings between supported wallets around the clock through smart contracts, enabling faster settlement and improved flexibility for treasury and collateral management.
Hannah Winter, Head of Digital Cash at BlackRock, said the tokenized structure preserves the characteristics of traditional money market funds while expanding how they can be accessed.
“Tokenised money market funds allow us to bring high-quality, short-duration investment exposures into digital formats, while maintaining the same standards around capital preservation, liquidity, and risk management,” Winter said.
BlackRock said the tokenized share classes are designed for institutional applications including corporate treasury management, digital collateral, bank distribution, and integration with tokenized financial markets. The products will initially be available across 15 jurisdictions, including the United Kingdom, France, Germany, Ireland, Luxembourg, Singapore, and the Netherlands. That collateral and treasury framing has already moved into live products, with BlackRock’s BUIDL fund distributing more than $100 million in onchain dividends since its March 2024 launch and growing into one of the largest tokenized money market funds available.
BlackRock Expands Tokenization Push Beyond the U.S.
The European rollout follows BlackRock’s launch of two tokenized money market products in the United States aimed at supporting stablecoin reserves. BRSRV was introduced as a new fund, while BSTBL tokenizes share classes of the firm’s existing Select Treasury Based Liquidity Fund, with both investing primarily in cash, short-term U.S. Treasuries, and overnight Treasury-backed repurchase agreements. Demand for that reserve use case is already visible in the market, with Jupiter’s JupUSD stablecoin holding most of its reserves in a token backed by BUIDL.
BlackRock has also widened where those tokens change hands, listing the $2.67 billion BUIDL fund on Uniswap earlier this year and opening the product to onchain trading and self-custody. Chief Executive Larry Fink and Chief Operating Officer Rob Goldstein made the broader case in a December 2025 essay in The Economist, arguing that tokenization can shorten settlement, cut operational friction in private markets, and widen access to investments by recording ownership on blockchain ledgers. During the company’s second-quarter earnings call, Chief Financial Officer Martin Small said BlackRock plans to make tokenized Treasury funds, iShares ETFs, and private market investments accessible through digital wallets alongside cryptocurrencies and stablecoins, underscoring the firm’s long-term commitment to tokenization.