• Provides tokenised functionality to a combined US$311^[1] billion AUM of money market funds across 15 markets 
• Includes Sterling, Euro and US Dollar share classes

BlackRock launches its first tokenised access to funds in Europe with on-chain share classes for select BlackRock Institutional Cash Series (ICS) money market funds, extending blockchain-enabled functionality to Europe’s largest cash management platform^[2]  to deliver enhanced efficiency, transparency and accessibility.

Utilizing Kinexys by J.P. Morgan’s asset tokenization platform, the ICS share classes will offer digital tokens in the traditional money market funds, minted on the Ethereum blockchain. This grants eligible investors access to digital tokens of existing cash management strategies, preserving institutional grade resilience and recognised, regulated money market fund structures.

Bringing Cash Management On-Chain

These new share classes enable:

• A yield bearing MMF with existing scale and depth of liquidity
• 24/7 peer-to-peer transferability 
• On-chain near real time movement and visibility  

Each token represents an underlying ICS fund share, while the official shareholder register continues to be maintained via the fund’s transfer agent infrastructure.

Unlocking New Use Cases for money market funds

The tokenised on-chain ICS share classes enable seamless transfer of fund holdings between approved investor wallets on the blockchain through smart contracts, – programs deployed on a blockchain that execute automatically when set conditions are met – supporting emerging use cases such as:

• Enhanced corporate treasury and liquidity optimisation
• Digital collateral management
• Bank, wealth and digital distribution channels 
• Integration with tokenised financial ecosystems

Beccy Milchem, Global Head of Cash Distribution and Head of the International Cash Management business at BlackRock, said: 

“Today’s launches represent an important evolution in how investors access and manage cash, while helping modernise capital markets infrastructure.” 

Hannah Winter, Head of Digital Cash at BlackRock, said:

“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.”

Kara Kennedy, Global Head of Market Development, Kinexys by J.P. Morgan, added:
“Tokenization has moved from concept to execution. By tokenizing share classes of existing money market funds, we bring new on-chain functionality to trusted products, made possible through blockchain rails. At Kinexys, we are focused on delivering institutional grade solutions at scale.”

Collaboration with Kinexys by JP Morgan

Kinexys by J.P. Morgan is the firm’s industry-leading blockchain business unit and part of J.P. Morgan Payments. Its asset tokenization solution plays a central role in the issuance and lifecycle management of the tokenized shares to deliver the tokenization infrastructure underpinning this new offering, including token minting and burning. The platform acts as the translation layer between on-chain activity and the fund’s transfer agent and traditional share register, establishing continuity with established operational frameworks while expanding into digital asset capabilities.

New share classes

Tokenised share classes will be available in the public debt CNAV and low volatility NAV MMFs across EUR, GBP and USD.

Fund Name	ISIN	Distribution	Currency
BlackRock ICS Euro Government Liquidity Fund OnChain (Dis) Shares Dist EUR	IE000P3TGLV4	Daily	EUR
BlackRock ICS Euro Government Liquidity Fund OnChain (Acc T0) Shares Acc EUR	IE000PYSMYP1	Accumulation	EUR
BlackRock ICS Sterling Government Liquidity Fund OnChain (Dis) Shares Dist GBP	IE000MA48T22	Daily	GBP
BlackRock ICS Sterling Government Liquidity Fund OnChain (Acc T0) Shares Acc GBP	IE0007JJQHY6	Accumulation	GBP
BlackRock ICS US Treasury Fund OnChain (Dis) Shares Dist USD	IE00037XHAE1	Daily	USD
BlackRock ICS US Treasury Fund OnChain (Acc T0) Shares Acc USD	IE000HEWS7K1	Accumulation	USD
BlackRock ICS Euro Liquidity Fund OnChain (Dis) Shares Dist EUR	IE0003M2ZOQ2	Daily	EUR
BlackRock ICS Euro Liquidity Fund OnChain (Acc T0) Shares Acc EUR	IE000INO55D5	Accumulation	EUR
BlackRock ICS Sterling Liquidity Fund OnChain (Dis) Shares Dist GBP	IE000U9Y9JU0	Daily	GBP
BlackRock ICS Sterling Liquidity Fund OnChain (Acc T0) Shares Acc GBP	IE000X1AXIL0	Accumulation	GBP
BlackRock ICS US Dollar Liquidity Fund OnChain (Dis) Shares Dist USD	IE0001TQFET3	Daily	USD
BlackRock ICS US Dollar Liquidity Fund OnChain (Acc T0) Shares Acc USD	IE000U3DAOB0	Accumulation	USD

The on-chain share classes are available in Bermuda, Estonia, France, Germany, Ireland, Lithuania, Luxembourg, Malta, Netherlands, Spain, Sweden, Singapore, United Kingdom.

Source: BlackRock

BlackRock has launched 12 tokenized share classes on 6 existing UCITS money market funds in Europe, built with J.P. Morgan's Kinexys platform. None of these are new funds.

Why this approach has been repeatable: under UCITS, a single fund holds 1 common pool of assets & follows 1… https://t.co/HnSde153fh

— Olivia Vande Woude (@cryptoreine) August 4, 2026

Olivia Vande Woude, head of tokenization at Ava Labs, said on X: “Why this approach has been repeatable: under UCITS, a single fund holds 1 common pool of assets & follows 1 investment strategy.

Multiple share classes can sit on top of that same portfolio, differing in features including currency, fee structure, distribution policy, or investor eligibility. Tokenization simply adds a layer of differentiation: the form of ownership & record-keeping, with onchain representation vs traditional book-entry.

So a tokenized share class inherits everything that matters: same underlying assets, track record (since the fund’s performance history continues to apply), manager, depositary, or investment process. What changes is the wrapper: ownership represented by tokens linked to the official register.

The advantage over launching a new tokenized fund is structural: there’s no new portfolio to build, seed capital needs are smaller, & existing service providers, board, audit, custody, and compliance frameworks carry over. In practice a prospectus update or simplified regulator notification is often sufficient, rather than a full new fund authorization.

This means lower costs, faster time to market, & less operational surface area. The target buyer fits the same logic: these are aimed at corporate treasurers who already use MMFs for operating and reserve cash, & the pitch is size and liquidity, with tokenization as an add-on.”