BlackRock has expanded tokenized money market funds to Europe with Ethereum share classes covering $311 billion in institutional liquidity assets.
Summary
- BlackRock has launched tokenized share classes for European institutional money market funds managing $311 billion in assets.
- The Ethereum based rollout lets approved investors transfer fund shares between eligible wallets while keeping traditional fund records in place.
- The launch follows BlackRock’s introduction of two tokenized money market products for institutional investors in the United States.
- The tokenized share classes will be available across 15 markets and are intended for treasury management, digital collateral and other institutional use cases.
According to a recent announcement, BlackRock has introduced its first tokenized access to institutional money market funds in Europe by launching blockchain-based share classes on Ethereum in partnership with Kinexys by JPMorgan.
The rollout covers selected BlackRock Institutional Cash Series (ICS) money market funds that managed a combined $311 billion in assets as of June 30, according to the asset manager.
The launch extends BlackRock’s tokenization efforts beyond the U.S. after the firm introduced two blockchain-based money market products earlier this week. While those products focused on stablecoin reserves and U.S. Treasury liquidity, the latest rollout brings tokenized access to existing institutional cash funds across multiple European and international markets.
BlackRock has tokenized 12 institutional fund share classes
According to BlackRock, the initiative includes 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 company said Kinexys by JPMorgan provides the tokenization platform that links blockchain activity with the existing fund register. Each on-chain token represents ownership of an underlying ICS fund share, while the official shareholder register continues to be maintained through the fund’s transfer agent infrastructure instead of on the blockchain itself.
Approved institutional investors will be able to transfer tokenized shares directly between eligible wallets at any time through smart contracts. BlackRock said the structure combines yield-bearing money market fund exposure with near real-time on-chain visibility while keeping the compliance controls used in regulated investment products.
Hannah Winter, Head of Digital Cash at BlackRock, said tokenized money market funds allow the firm to deliver high-quality short-duration investment exposure in digital form without changing its standards for capital preservation, liquidity, and risk management.
The asset manager added that the tokenized share classes are intended for institutional uses including corporate treasury operations, digital collateral management, bank distribution networks and integration with tokenized financial systems.
European rollout follows BlackRock’s recent tokenization push
The latest launch comes one day after BlackRock introduced two tokenized money market products in the United States.
One product, BSTBL, places tokenized share classes of BlackRock’s existing Select Treasury Based Liquidity Fund on Ethereum, while BRSRV is designed as a stablecoin reserve vehicle for institutional users with multi-chain support. Both products invest primarily in cash, short-term U.S. Treasury securities and overnight Treasury-backed repurchase agreements.
Unlike a stablecoin, BSTBL gives investors ownership of fund shares whose returns depend on income generated by the underlying portfolio rather than maintaining a fixed redemption value. BRSRV, meanwhile, is intended for stablecoin reserve management and reinvests dividends daily.
The European launch expands the same strategy into existing institutional liquidity products instead of creating new investment vehicles. According to BlackRock, the on-chain share classes will initially be available in Bermuda, Estonia, France, Germany, Ireland, Lithuania, Luxembourg, Malta, the Netherlands, Spain, Sweden, Singapore and the United Kingdom.
BlackRock continues building digital asset infrastructure
BlackRock has continued adding blockchain-based products alongside its regulated cryptocurrency business over recent months.
In July, the company joined a Depository Trust & Clearing Corporation (DTCC) pilot that allows financial institutions to test tokenized representations of stocks and U.S. Treasuries while the underlying assets remain within traditional market infrastructure. JPMorgan, Goldman Sachs, Vanguard, the New York Stock Exchange and dozens of other financial firms are participating in the initiative.
Separately, the U.S. Securities and Exchange Commission approved an increase in the options position limit tied to BlackRock’s iShares Bitcoin Trust (IBIT) from 250,000 to one million contracts, allowing larger institutional trading and hedging positions under NYSE Arca rules.
BlackRock has indicated that tokenized funds form a separate part of its digital asset strategy from its cryptocurrency exchange-traded products. During the company’s second-quarter earnings call last month, Chief Financial Officer Martin Small said the long-term plan is to allow investors to access tokenized Treasury funds, iShares ETFs and private market investments through digital wallets alongside crypto assets and stablecoins.
A separate essay published by Chief Executive Larry Fink and Chief Operating Officer Rob Goldstein in The Economist in December 2025 also described tokenization as a way to reduce settlement delays, improve private market operations and record ownership of financial assets using blockchain-based ledgers.
