BlackRock has introduced 12 tokenized share classes for six money market funds from its Irish Institutional Cash Series. The tokens are issued on the Ethereum network using JPMorgan’s Kinexys infrastructure.
The launch includes the following products:
- BlackRock ICS Euro Government Liquidity Fund;
- BlackRock ICS Sterling Government Liquidity Fund;
- BlackRock ICS US Treasury Fund;
- BlackRock ICS Euro Liquidity Fund;
- BlackRock ICS Sterling Liquidity Fund;
- BlackRock ICS US Dollar Liquidity Fund.
Each fund offers two classes: OnChain (Dis) with income distribution and OnChain (Acc T0) with income accumulation. The minimum initial investment is €1 million, £1 million, or $1 million, depending on the fund’s currency, with annual expenses of 0.2% of net asset value. These classes are distributed through select distributors and are not available to retail investors.
According to The Block, the combined assets of the six underlying funds amounted to $311 billion as of June 30, 2026. This figure does not reflect the scale of tokenization, as the company has not disclosed how much has been raised directly in the new on-chain classes.
When purchasing a tokenized class, an investor receives a share of the corresponding fund and a digital token representing it. The official shareholder register is maintained by a transfer agent, while Kinexys acts as a bridge between Ethereum operations and traditional accounting infrastructure.
Smart contracts enable 24/7 transfers of tokenized shares between wallets of approved investors. However, the structure remains permissioned, allowing only participants who have passed the necessary checks to receive tokens.
“Tokenized money market funds allow high-quality short-term investment instruments to be transferred into a digital format while maintaining the same standards of capital protection, liquidity, and risk management,” said Hannah Winter, Director and Head of Digital Cash at BlackRock.
The company identified potential applications for the new classes, including corporate liquidity management, digital collateral, product distribution through banks, and integration with other tokenized financial instruments. A BlackRock representative did not comment on the actual use of the new classes in these scenarios.
The instruments are intended for professional and qualified clients. They are available in the UK, Singapore, Bermuda, and several EU countries, including Germany, France, Ireland, Luxembourg, and the Netherlands.
Earlier, on August 3, BlackRock introduced two American money market products—a tokenized class of the BSTBL fund and a new reserve instrument, BRSRV.
