BlackRock has introduced 12 tokenized share classes for six money market funds within its Irish Institutional Cash Series. These tokens are issued on the Ethereum blockchain using JPMorgan's Kinexys infrastructure.

The products included in this launch are:

  • 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.

For each fund, two classes have been created: OnChain (Dis) for income distribution and OnChain (Acc T0) for income accumulation. The minimum initial investment required is €1 million, £1 million, or $1 million, depending on the fund's currency, with annual expenses set at 0.2% of net asset value. These classes are distributed through select distributors and are not available to retail investors.

According to The Block, as of June 30, 2026, the total assets of the six underlying funds amounted to $311 billion. This figure does not reflect the scale of tokenization, as the company has not disclosed how much capital has been raised specifically for the new on-chain classes.

When purchasing a tokenized class, an investor receives a share of the corresponding fund along with a digital token representing it. The official shareholder register is maintained by a transfer agent, while Kinexys acts as a bridge between Ethereum transactions and traditional accounting infrastructure.

Smart contracts enable the 24/7 transfer of tokenized shares between wallets of approved investors. The system remains permission-based, allowing only verified participants to obtain tokens.

“Tokenized money market funds enable the transition of high-quality short-term investment instruments into a digital format while maintaining existing standards for capital protection, liquidity, and risk management,” stated Hannah Winter, Director and Head of Digital Cash at BlackRock.

The company identified several potential applications for these new classes, including corporate liquidity management, digital collateral, product distribution through banks, and integration with other tokenized financial instruments. However, a BlackRock representative did not comment on the actual use of these classes in such scenarios.

These instruments are designed 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.

It is worth noting that on August 3, BlackRock unveiled two American money market products — the tokenized class of the BSTBL fund and a new reserve instrument called BRSRV.