BlackRock has launched tokenised share classes for its European money market funds, marking its first on-chain fund access in the region and signalling a significant shift in market infrastructure.
BlackRock has taken its tokenisation push further into Europe with the launch of share classes for a series of money market funds holding a combined $311 billion, marking the firm’s first on-chain fund access in the region.
The new structure covers 12 tokenised share classes across six funds in the BlackRock Institutional Cash Series, spanning euro, sterling and US dollar strategies in both distributing and accumulating formats. According to BlackRock, the tokens are issued on Ethereum through Kinexys, J.P. Morgan’s blockchain unit, which handles minting and burning while sitting between blockchain activity and the conventional share register.
Each token corresponds to a unit in the underlying fund, with the official register still maintained by the transfer agent. Smart contracts are used to move holdings between approved wallets, a design BlackRock says allows around-the-clock peer-to-peer transfers and near real-time visibility. Beccy Milchem, global head of cash distribution and head of the international cash management business at BlackRock, said in a statement shared with Decrypt that the launch was “an important evolution” in how investors access and manage cash.
The share classes are aimed at professional and qualified clients rather than retail investors and are available in a range of markets including the UK, Ireland, France, Germany, Luxembourg, Singapore and Spain. The underlying vehicles are UCITS-regulated money market funds, including public debt constant net asset value and low-volatility NAV structures, which BlackRock says continue to follow the same capital preservation, liquidity and risk-management standards as the traditional versions.
Kara Kennedy, global head of market development at Kinexys, said tokenisation had moved “from concept to execution”. BlackRock has said it expects the structure to be useful for corporate treasury management, digital collateral and distribution through banks and wealth platforms.
The move comes as BlackRock accelerates its broader digital assets strategy. Just a day earlier, the firm unveiled tokenised money market funds designed for stablecoin reserve management, and it has been building in this area since launching BUIDL on Ethereum in March 2024. That fund has since expanded to multiple blockchains and now manages more than $2.6 billion, according to the company.
Chief executive Larry Fink and chief operating officer Rob Goldstein have repeatedly described tokenisation as a major shift in market infrastructure. For now, BlackRock has not said how much of the $311 billion represented by the new European share classes it expects to migrate on-chain.
- https://finance.yahoo.com/markets/crypto/articles/blackrock-tokenizes-311b-european-money-114044465.html – Please view link – unable to able to access data
- https://www.blackrock.com/cash/en-gb/what-are-tokenised-money-market-funds-t4 – BlackRock has introduced tokenised share classes for its European money market funds, marking its first on-chain fund access in Europe. These 12 new share classes span six funds in the BlackRock Institutional Cash Series, covering euro, sterling, and U.S. dollar strategies in both distributing and accumulating forms. The tokens are minted on Ethereum using Kinexys, J.P. Morgan’s blockchain unit, which manages minting and burning processes, serving as the intermediary between on-chain activities and the traditional share register. Each token represents a share in the underlying fund, with the official shareholder register maintained by the fund’s transfer agent. Smart contracts facilitate the movement of holdings between approved investor wallets, offering continuous peer-to-peer transferability and near real-time visibility. This initiative aims to modernise capital markets infrastructure and enhance cash management for investors. The tokenised share classes are available to professional and qualified clients in various countries, including the UK, and are regulated under Europe’s UCITS regime, ensuring standards on capital preservation, liquidity, and risk management are upheld.
- https://www.livemint.com/money/personal-finance/blackrock-bets-big-on-stablecoins-with-two-new-crypto-linked-money-market-funds-key-details-explained-11778290912540.html – BlackRock Inc. is planning to launch two money-market funds tailored for investors who hold their cash in stablecoins rather than traditional bank accounts. This move reflects the world’s largest asset manager’s confidence in the growth of the digital dollar economy. The first fund is a digital share class linked to the BlackRock Select Treasury Based Liquidity Fund (BSTBL), valued at around $6.1 billion. The fund invests in cash, U.S. Treasury debt, short-term bonds, and other securities with maturities of up to 93 days. The second fund is the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a newly created tokenised money-market fund aimed at investors managing their finances through crypto wallets and stablecoins. This initiative underscores BlackRock’s commitment to integrating traditional financial instruments with blockchain technology, offering stablecoin holders a regulated, yield-bearing alternative to idle digital dollars.
- https://www.idnfinancials.com/news/63640/blackrock-is-launching-two-tokenised-money-market-funds – BlackRock has announced plans to launch two tokenised money market funds designed for investors who store their funds in stablecoins rather than bank accounts. The first initiative involves a digital share class linked to the BlackRock Select Treasury Based Liquidity Fund (BSTBL), valued at approximately $6.1 billion. This fund invests in cash, U.S. Treasury debt, short-term bonds, and other securities with maturities of up to 93 days. The second initiative is the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a newly established tokenised money market fund targeting investors managing their finances through crypto wallets and stablecoins. This move highlights BlackRock’s strategic focus on the growing digital dollar economy and its commitment to integrating blockchain technology with traditional financial instruments.
- https://www.briefs.co/news/blackrock-just-filed-to-tokenize-its-6-1-billion-treasury-fund-for-stablecoin-holders/ – BlackRock has filed with the SEC to launch a tokenised share class of its $6.1 billion BlackRock Select Treasury Based Liquidity Fund (BSTBL) on Ethereum. Additionally, the firm proposed a new fund called the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, with a $3 million minimum investment. These initiatives aim to provide stablecoin holders with a regulated, yield-bearing alternative to idle digital dollars, marking a significant step in BlackRock’s expansion into tokenised finance. The move builds on BlackRock’s previous tokenised fund, BUIDL, which has grown to about $2.5 billion across eight blockchains since 2024.
- https://www.advisorhub.com/blackrock-readies-launch-of-two-tokenized-money-market-funds/ – BlackRock Inc. is preparing to launch two money-market funds designed for investors who hold their cash in stablecoins, rather than traditional bank accounts. The New York-based firm has submitted paperwork to debut a digital class of shares tied to the approximately $6.1 billion BlackRock Select Treasury Based Liquidity Fund (BSTBL), which invests in cash, U.S. Treasury bills, notes, and other securities with maturities of 93 days or less. The tokenised securities will be available on the Ethereum blockchain and operate alongside the current traditional share classes. The other vehicle, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), will be a newly created tokenised money-market fund aimed at a growing class of investors who manage their finances through crypto wallets and stablecoins, as opposed to traditional brokerages.
- https://coinmarketcap.com/academy/article/blackrock-files-tokenized-treasury-funds-sec – BlackRock has filed with the SEC for two blockchain-based Treasury fund structures linked to tokenised on-chain shares. The first proposal covers a new fund called the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle. The fund would hold cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries. It would issue tokenised shares, described in the filing as ‘OnChain Shares,’ through a permissioned system connected to multiple public blockchains. Securitize Transfer Agent LLC would maintain official ownership records, while off-chain systems would link wallet addresses to verified investor identities. The minimum investment threshold is $3 million. The filing did not identify which blockchains the fund will initially support.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
7
Notes:
The article reports on BlackRock’s recent launch of tokenised share classes for European money market funds, marking the firm’s first on-chain fund access in the region. The earliest known publication date of similar content is July 28, 2026, indicating the news is fresh. However, the article includes updated data but recycles older material, which raises concerns about its originality. Additionally, the narrative has appeared across multiple low-quality sites and clickbait networks, which diminishes its credibility. Given these factors, the freshness score is reduced to 7.
Quotes check
Score:
5
Notes:
The article includes direct quotes from Beccy Milchem and Kara Kennedy. However, these quotes cannot be independently verified, as no online matches were found. This lack of verifiability raises concerns about the authenticity of the quotes. Given this, the quotes check score is 5.
Source reliability
Score:
4
Notes:
The article originates from Yahoo Finance, a major news organisation, which is a strength. However, the narrative appears to be summarising or rewriting content from a paywalled source, which raises concerns about its originality and independence. Given these factors, the source reliability score is 4.
Plausibility check
Score:
6
Notes:
The article reports on BlackRock’s launch of tokenised share classes for European money market funds, a plausible development in the context of the firm’s broader digital assets strategy. However, the lack of independent verification for key claims and quotes raises questions about the accuracy of the information. Given these concerns, the plausibility score is 6.
Overall assessment
Verdict (FAIL, OPEN, PASS): REVIEW
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article reports on BlackRock’s launch of tokenised share classes for European money market funds, a development that aligns with the firm’s broader digital assets strategy. However, the lack of independent verification for key claims and quotes, along with the recycling of older material and reliance on a press release from BlackRock, raises concerns about the accuracy and originality of the content. Given these factors, a REVIEW verdict is recommended.