BlackRock Brings $311 Billion of European Cash Funds Onto Ethereum

BlackRock tokenises six European cash funds worth $311 billion

On 4 August 2026, BlackRock introduced 12 tokenised share classes tied to six of its Institutional Cash Series (ICS) money market funds in Europe. The rollout marks the firm's first tokenised access to funds in the region. The six funds hold a combined $311 billion in assets under management as of 30 June 2026. That figure covers the full fund range receiving the new share class, not the amount moving on-chain. Only the tokenised share class runs on a blockchain, and BlackRock expects that portion to start small and grow as institutional investors opt in.

"This is what investors want in cash management: size and liquidity. The tokenised share classes add a new digital holding and transfer capability to funds supported by established investment, dealing and liquidity-management processes.", 4 August 2026. — Beccy Milchem, Global Head of Cash Distribution and Head of International Cash Management, BlackRock

JPMorgan's Kinexys platform mints the tokens on Ethereum

BlackRock built the share classes with Kinexys by JPMorgan, which mints each token on the Ethereum blockchain. Each token represents one share in the underlying fund. Kinexys acts as a translation layer between on-chain activity and the traditional fund register. The official shareholder record stays with the fund's transfer agent, so the tokens remain tied to the same funds that institutional clients already use.

Approved investors can move holdings between wallets around the clock

The tokenised format lets approved investors transfer fund holdings directly between digital wallets at any hour, rather than only through the funds' traditional dealing process. Each digital token still represents a claim on the underlying money market fund. BlackRock frames the launch as a way to modernise cash-management infrastructure while keeping the funds' established investment, dealing and liquidity-management processes in place.

The funds comply with EU UCITS rules across Europe

The six funds fall under the European Union's UCITS regime, the standard framework for regulated funds sold across the bloc. BlackRock offers the tokenised classes in sterling, euro and US dollar denominations across more than a dozen European markets. The underlying funds include the ICS Euro Government Liquidity, Sterling Government Liquidity and US Treasury strategies. The new tokenised classes sit alongside the funds' existing conventional share classes.

Ethereum trades near $1,872 as tokenised funds expand

Ethereum traded at $1,871.85 at the time of publication, up 0.4% over the past 24 hours, versus the previous close (CoinPaprika, 4 August 2026). The network held a market capitalisation of about $225 billion, ranking it the second-largest cryptocurrency. BlackRock chose to mint the tokenised share classes on this public network rather than a private ledger, placing the funds on shared blockchain rails.

Tokenised real-world assets have grown past $30 billion

The launch adds to a fast-growing market for tokenised real-world assets. According to rwa.xyz, the sector has grown more than 200% over the past year to over $30 billion. Citi has projected that tokenised securities could reach $5.5 trillion by 2030. The move brings one of the largest traditional asset managers deeper into that market.