BlackRock introduced its first tokenized fund access in Europe on Tuesday, launching Ethereum-based share classes for select Institutional Cash Series (ICS) money market funds that collectively hold $311 billion in assets as of June 30.
The rollout, built with Kinexys by JPMorgan, covers 12 tokenized share classes spanning BlackRock's ICS Euro Government Liquidity, Sterling Government Liquidity, U.S. Treasury, Euro Liquidity, Sterling Liquidity, and U.S. Dollar Liquidity funds. Kinexys' asset tokenization platform sits between onchain activity and the funds' existing transfer agent infrastructure — each token represents an underlying ICS fund share, while the official shareholder register continues to be maintained the traditional way.
The share classes support 24/7 peer-to-peer transfers between approved investor wallets through smart contracts and near real-time onchain visibility into holdings. They're available across 13 markets, including Singapore, alongside Bermuda, Estonia, France, Germany, Ireland, Lithuania, Luxembourg, Malta, the Netherlands, Spain, Sweden, and the UK. BlackRock is pitching the structure at corporate treasury management, digital collateral management, and bank distribution channels.
Hannah Winter, BlackRock's head of digital cash, said the goal is bringing short-duration, high-quality investment exposure into a digital format without changing the underlying standards around capital preservation and liquidity.
The European launch comes a day after BlackRock introduced two tokenized money market products aimed at stablecoin reserves, and follows comments from CFO Martin Small last quarter that the firm ultimately wants investors moving between tokenized Treasury funds, iShares ETFs, and private market exposure through a single digital wallet.
Joining a crowded field
BlackRock isn't first here — it's catching up to a race that's been building for two years. State Street launched its own digital asset platform for tokenized products in January, built to support tokenized money market funds, ETFs, and cash products. Franklin Templeton has been the most aggressive first mover, expanding its BENJI-powered tokenized fund into Hong Kong last November on top of earlier launches in Luxembourg and Singapore. Goldman Sachs and BNY got there first in the US, rolling out mirrored tokenization for money market fund shares in mid-2025.
What's different this time is scale. $311 billion is a meaningfully larger base than most rival tokenization efforts started with, and the Kinexys partnership puts JPMorgan's institutional settlement infrastructure at the center of a BlackRock product for the first time — a pairing of the two biggest names in their respective categories.
The APAC angle
The Singapore availability is the detail worth watching from this side of the world. It puts a $311 billion tokenized fund complex directly into a market where MAS-regulated players — OCBC, Lion Global Investors, and DigiFT among them — have spent the past year building competing tokenized fund infrastructure of their own. As more global asset managers default to including Singapore in their first international rollout, the city's claim to being Asia's tokenization hub gets a little more concrete each time.
