BlackRock Launches Tokenised Share Classes for select European UCITS Money Market Funds

Published: August 04, 2026

BlackRock launches today 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.

Utilising Kinexys by J.P. Morgan’s asset tokenisation 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 “Tokenisation has moved from concept to execution. By tokenising 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 tokenisation solution plays a central role in the issuance and lifecycle management of the tokenised shares to deliver the tokenisation 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.

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