BlackRock launches 12 tokenized share classes for $311B Institutional Cash Series funds in Europe on Ethereum via JPMorgan’s Kinexys, enabling 24/7 transfers for institutional investors.
BlackRock has launched its first tokenized access to institutional money market funds in Europe, creating 12 on-chain share classes on the Ethereum blockchain for select Institutional Cash Series (ICS) funds that managed a combined $311 billion in assets as of June 30. The rollout, developed with JPMorgan’s Kinexys platform, allows approved investors 24/7 peer-to-peer transfers while the official shareholder register remains off-chain. The move follows two U.S. tokenized money-market products introduced a day earlier.
BlackRock Tokenizes 12 Share Classes of $311B ICS Funds on Ethereum via Kinexys
BlackRock announced the European launch on Tuesday, covering 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. Kinexys by JPMorgan serves as the tokenization platform and links on-chain activity to the traditional fund register maintained by the transfer agent. Each token represents one underlying ICS fund share.
Approved institutional investors can transfer the tokenized shares directly between eligible wallets at any time via smart contracts. The structure is designed for corporate treasury operations, digital collateral management, bank distribution networks, and integration with tokenized financial systems. Availability begins in Bermuda, Estonia, France, Germany, Ireland, Lithuania, Luxembourg, Malta, the Netherlands, Spain, Sweden, Singapore, and the United Kingdom.
The European initiative follows BlackRock’s Monday launch of two U.S. products: OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund (BSTBL) on Ethereum (with BNY Mellon as transfer agent) and the new BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), which supports multiple blockchains and daily dividend reinvestment (Securitize as transfer agent). Both U.S. products invest in cash, short-term U.S. Treasuries, and Treasury-backed overnight repurchase agreements and are intended to qualify as eligible reserve assets under the GENIUS Act.
Separately, the SEC has approved an increase in the options position limit for BlackRock’s iShares Bitcoin Trust (IBIT) from 250,000 to 1 million contracts, enabling larger institutional hedging and trading positions.
Why It Matters: $311B Franchise Goes On-Chain With 24/7 Transfers, Building on $2.5B BUIDL
The $311 billion figure refers to the total assets of the ICS fund range receiving the new share classes, not the amount immediately tokenized. The significance lies in wiring a major institutional cash franchise for blockchain use while preserving capital-preservation, liquidity, and risk-management standards.
Hannah Winter, Head of Digital Cash at BlackRock, said the products deliver high-quality short-duration exposure in digital form without changing those standards. The 24/7 transfer capability and near real-time on-chain visibility address longstanding operational frictions in traditional money-market funds, which typically operate under fixed dealing windows.
Institutional demand for tokenized cash is rising as firms seek efficient collateral, treasury management, and stablecoin reserve solutions. BlackRock’s move expands the same strategy already tested with its BUIDL tokenized Treasury fund (approximately $2.5 billion) into core European liquidity products.
BlackRock’s Tokenization Path: DTCC Pilot, $8.4T Cash Market, BUIDL to $16B Treasuries
BlackRock has steadily expanded its digital-asset infrastructure. In July it joined a DTCC pilot allowing financial institutions to test tokenized representations of stocks and U.S. Treasuries while the underlying assets remain in traditional market infrastructure; participants include JPMorgan, Goldman Sachs, Vanguard, and the New York Stock Exchange.
Chief Financial Officer Martin Small stated on the second-quarter earnings call that the long-term plan is to let investors access tokenized Treasury funds, iShares ETFs, and private-market investments through digital wallets alongside crypto assets and stablecoins. A December 2025 essay by CEO Larry Fink and COO Rob Goldstein in The Economist described tokenization as a means to reduce settlement delays, improve private-market operations, and record ownership on blockchain ledgers.
U.S. money-market funds total more than $8.4 trillion. Tokenized U.S. Treasuries have grown from roughly $721 million to more than $16 billion since BUIDL’s March 2024 launch, illustrating the broader institutional shift BlackRock is accelerating.
What’s Next: Adoption of 12 Tokenized Classes, BSTBL/BRSRV Uptake and Hybrid Model Scale
Market participants will monitor adoption metrics for the 12 European tokenized share classes and the uptake of BSTBL and BRSRV as stablecoin-reserve and collateral vehicles. Further expansion of on-chain access to additional BlackRock funds, additional blockchain support, and integration with corporate-treasury and bank-distribution platforms are expected next steps.
Regulators and competitors will watch how the hybrid model—on-chain tokens with off-chain official registers—scales while meeting existing compliance requirements. Any material growth in tokenized AUM or new product filings will signal the pace at which traditional cash management migrates onto blockchain rails.