BlackRock debuts tokenized share classes for select European money market funds with $311 billion in assets

BlackRock announced Tuesday its first tokenized access to funds in Europe through onchain share classes minted on the Ethereum blockchain, in partnership with Kinexys by JPMorgan.

The rollout covers select BlackRock Institutional Cash Series money market funds representing a combined $311 billion in assets under management as of June 30, the asset manager said in a statement shared with The Block.

According to the statement, the launch utilizes Kinexys' asset tokenization platform as a translation layer between onchain activity and traditional fund registers. Each digital token represents an underlying ICS fund share, while the official shareholder register continues to be maintained via the fund's transfer agent infrastructure.

BlackRock said the rollout covers 12 tokenized share classes across its ICS Euro Government Liquidity, Sterling Government Liquidity, U.S. Treasury, Euro Liquidity, Sterling Liquidity, and U.S. Dollar Liquidity funds. 

The share classes enable 24/7 peer-to-peer transfers between approved investor wallets through smart contracts, while providing yield-bearing money market fund exposure and near real-time onchain visibility, the asset manager added. 

"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," Hannah Winter, Head of Digital Cash at BlackRock, said.

Per the statement, the tokenized share classes support emerging institutional use cases including corporate treasury management, digital collateral management, bank distribution channels, and integration with broader tokenized financial ecosystems across 15 markets.

The onchain share classes are available in Bermuda, Estonia, France, Germany, Ireland, Lithuania, Luxembourg, Malta, Netherlands, Spain, Sweden, Singapore, and the United Kingdom.

Expanding tokenization initiatives

The launch adds to BlackRock's broader tokenization strategy. In a December 2025 essay published by The Economist, Chief Executive Larry Fink and Chief Operating Officer Rob Goldstein said tokenization could accelerate transaction settlement, reduce operational frictions in private markets, and broaden access to investment opportunities by recording asset ownership on blockchain-based digital ledgers.

The European rollout comes a day after BlackRock introduced two tokenized money market products for stablecoin reserves. One, BRSRV, is a newly established fund, while the other, BSTBL, tokenizes share classes of the firm's existing Select Treasury Based Liquidity Fund. 

Both products invest primarily in cash, short-term U.S. Treasuries, and overnight Treasury-backed repurchase agreements.

The expansion also follows comments from BlackRock Chief Financial Officer Martin Small last month outlining the firm's longer-term digital asset strategy. During the company's second-quarter earnings call, Small said BlackRock ultimately wants investors to access tokenized Treasury funds, iShares ETFs, and private market investments through digital wallets alongside crypto assets and stablecoins.