BlackRock (BLK), the world's largest asset manager, has launched 12 new tokenized share classes based on six funds across 15 European markets. According to reports from BlackRock, the funds comply with the European Union's UCITS regulations and include sterling, euro and dollar share classes. This expansion follows the company's recent U.S. tokenized cash platform launch earlier this week, which involved offering onchain shares of an existing fund plus a new daily reinvestment stablecoin fund. The new tokenized share classes are built on Ethereum via JPMorgan's Kinexys platform, marking a significant milestone as the first tokenized cash products for BlackRock's European operations. The European launch signals BlackRock is willing to mix providers by jurisdiction rather than standardizing on a single tokenization engine, departing from its U.S. approach which has leaned on Securitize and more recently BNY Mellon.
The European tokenized offerings provide 24/7 settlement capabilities for institutional investors, a first for BlackRock's European operations. Each token issued is backed 1:1 by a corresponding traditional share held on the legal register, with the shareholder register remaining the definitive legal record of ownership. The tokens enable near-real-time peer-to-peer transfers between allow-listed institutional wallets, offering operational efficiencies that traditional fund rails cannot match. The funds cover euro, sterling, and U.S. dollar-denominated strategies under the Irish UCITS umbrella, targeting Public Debt CNAV, LVNAV, and related liquidity strategies. One important clarification: the $311 billion figure refers to the total assets in the fund range receiving the new share class, not the amount being tokenized. Only a share class is moving on-chain, and the tokenized portion begins small, growing as institutional investors opt in.
The new European offerings provide tokenized functionality to a combined $311 billion of assets under management of money market funds across the 15 markets. As reported by BlackRock, the Institutional Cash Series money market funds were tokenized in collaboration with JPMorgan using the bank's Kinexys platform. The onchain share classes are available in Bermuda, Estonia, France, Germany, Ireland, Lithuania, Luxembourg, Malta, the Netherlands, Spain, Sweden, Singapore, and the U.K.. The most notable structural detail is that JPMorgan is using its Kinexys platform to handle the tokenization and act as transfer agent, placing two of the largest names on Wall Street on the same on-chain cash rails with a competitor's blockchain infrastructure underpinning BlackRock's product. The initiative includes 12 tokenized share classes across its ICS Euro Government Liquidity, Sterling Government Liquidity, U.S. Treasury, Euro Liquidity, Sterling Liquidity, and U.S. Dollar Liquidity funds.
BlackRock has unveiled two new tokenized money market assets targeting GENIUS Act reserve eligibility, expanding its digital asset strategy beyond traditional tokenization. The firm released onchain shares of BlackRock Select Treasury Based Liquidity Fund (BSTBL) on Ethereum and introduced the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) that provides dividend reinvestment every day and can be accessed on various blockchain networks. As reported by BlackRock, both products will be able to be used as a reserve asset for the permitted U.S. payment stablecoin issuers in accordance with the GENIUS Act. The BRSRV will be handled by Securitize as the transfer agent and tokenization provider, with the firm's Chief Financial Officer Martin Small emphasizing the company's growing stablecoin focus during Q2 2026 earnings. Small stated that BlackRock already manages $60 billion of reserves for Circle, representing about a quarter of the $300 billion stablecoin market, with plans to become the reserve manager of choice for the growing stablecoin sector.
The tokenized real-world asset market has climbed to roughly $30-37 billion over the past year, with tokenized U.S. Treasuries around $16 billion, according to industry tracker rwa.xyz. CEO Larry Fink has repeatedly championed tokenization technology as a way to modernize financial markets. Citi projects tokenized securities could reach $5.5 trillion by 2030. The European debut lands alongside BlackRock's expanding U.S. tokenization strategy, where the company launched an on-chain share class for its Select Treasury Based Liquidity Fund on Ethereum and a new reserve vehicle for stablecoin issuers. The tokenized funds are designed for corporate treasurers who already use money market funds to manage operating and reserve cash, as well as at asset managers and investment consultants across traditional and digital markets. Jon Steel, Global Head of Product and Platform for BlackRock's Cash Management business, noted that demand is growing for high-quality reserve assets that work across both traditional and digital markets, with these funds providing clients additional choice in accessing money market fund investment solutions. Hannah Winter, Head of Digital Cash at BlackRock, emphasized that tokenized money market funds allow the firm to deliver high-quality short-duration investment exposure in digital form without changing its standards for capital preservation, liquidity, and risk management.
