BlackRock launched tokenized share classes for European money market funds on Ethereum (ETH), extending blockchain access across its $311 billion Institutional Cash Series platform.
Key Points:
- BlackRock added tokenized euro, sterling and U.S. dollar money market fund share classes to its European ICS lineup.
- Approved institutions can transfer the tokens between allow-listed wallets around the clock, while the shareholder register remains the legal ownership record.
- The launch expands BlackRock’s tokenized cash strategy after two related U.S. products debuted on Aug. 3.
BlackRock Ethereum Funds
BlackRock introduced the European share classes through JPMorgan’s Kinexys Digital Assets, which connects traditional fund administration with Ethereum-based tokens.
Each token mirrors one conventional fund share. The transfer agent’s register remains the authoritative ownership record. Eligible investors can move tokens between approved wallets near real time, although fiat subscriptions and redemptions continue under established fund cutoffs and settlement procedures.
The funds cover three currencies. BlackRock placed euro, sterling and U.S. dollar strategies within its Irish UCITS structure, including public debt constant net asset value funds, low-volatility net asset value funds and related institutional liquidity products.
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Ethereum RWA Impact
The structure gives corporate treasurers and digital-asset firms a regulated cash instrument that can move outside normal market hours.
The funds remain regulated cash products. Tokenization may improve collateral mobility and reduce manual processing, without changing the underlying portfolio, valuation process or legal shareholder protections.
Jon Steel, BlackRock’s global head of product and platform for cash management, said demand is rising for high-quality reserve assets that can operate across traditional and digital markets. Ethereum gains another institutional use case.
BUIDL started the expansion in March 2024. The tokenized U.S. Treasury and cash fund later grew beyond $2.5 billion across several blockchains. On Aug. 3, BlackRock added BSTBL and BRSRV in the U.S., extending the model toward stablecoin reserves and blockchain-based liquidity.
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