BlackRock Unleashes $311B Tokenized Fund Complex in Europe with JPMorgan Kinexys

BlackRock has launched its first tokenized fund access in Europe, introducing Ethereum-based share classes for select Institutional Cash Series (ICS) money market funds. These funds collectively hold $311 billion in assets as of June 30. The rollout was built with Kinexys by JPMorgan and 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 in 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 this structure at corporate treasury management, digital collateral management, and bank distribution channels. Hannah Winter, BlackRock's head of digital cash, said the goal is to bring short-duration, high-quality investment exposure into a digital format without changing the underlying standards around capital preservation and liquidity.