BlackRock brings $311B money market funds onchain with Europe launch

BlackRock has launched 12 tokenized share classes on Ethereum across six of its European Institutional Cash Series money market funds — the underlying funds held a combined $311 billion in assets under management as of June 30, 2026.

The rollout covers the ICS Euro Government Liquidity, ICS Sterling Government Liquidity, ICS U.S. Treasury, ICS Euro Liquidity, ICS Sterling Liquidity and ICS U.S. Dollar Liquidity funds — meaning tokenized access spans sterling, euro and dollar share classes. Kinexys by JPMorgan served as the technology partner, acting as a translation layer between onchain activity and traditional fund registers. The new tokenized share classes are available to investors across 13 jurisdictions, including the UK, Germany, France, Ireland, Luxembourg, the Netherlands, Singapore and Bermuda.

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

That's how Hannah Winter, BlackRock's Head of Digital Cash, described the launch. The goal is to enable 24/7 peer-to-peer transfers between approved investor wallets via smart contracts, while preserving the yield of a standard money market fund and adding near real-time onchain visibility — useful for corporate treasury management and digital collateral management alike.

• Combined assets of the tokenized funds: $311 billion as of June 30, 2026
• 12 tokenized share classes across 6 ICS funds, built on Ethereum
• Coverage spans 13 jurisdictions, including the UK, Germany, Ireland, Singapore and Bermuda

BlackRock's move fits a broader trend among traditional asset managers: we previously covered how BNY Mellon plans to tokenize US Treasuries and move to 24/7 settlement, while separately Japan's biggest tokenization platform moved $2.7 billion in assets onto Avalanche — meaning major institutional players are moving classic financial instruments onto blockchain infrastructure one after another, with the competition now less about whether to tokenize and more about whose network and technology partner becomes the industry standard.

At $311 billion in scale, this isn't a pilot project — it's a direct bid by BlackRock to become the primary provider of tokenized cash liquidity for institutional investors in Europe, rather than just another blockchain experiment.

None of this should be read as personalized investment advice.