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Deployments · platform by J.P. Morgan

BlackRock ICS money market funds, tokenised share classes (Kinexys, Ethereum)New

BlackRock's first tokenised fund access in Europe: twelve on-chain share classes (a distributing and an accumulating class each) added to six of its Irish-domiciled Institutional Cash Series UCITS money market funds in sterling, euro and US dollars. J.P. Morgan's Kinexys mints and burns the tokens on Ethereum and links them to the funds' conventional share register, which the transfer agent still keeps; each token stands for one fund share. Approved investor wallets can transfer the tokens peer to peer around the clock. The classes are offered to professional and qualified investors in the UK, Ireland, several other European countries, Bermuda and Singapore. The six funds held about $311 billion in total at 30 June 2026; no figure for the tokenised classes has been published.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 4 Aug 2026[1] — Share classes launched; no on-chain amount, investor or transfer volume published by October 2026. · Reviewed 22d ago

Assets
Fund interest[1]
Each token represents one share of the underlying ICS fund; the official register stays with the transfer agent
Networks
Ethereum Public, permissionless[1][2]
Use cases
Fund subscription and redemption[2]Secondary trading[1]Treasury management[1]
Jurisdictions
Ireland, United Kingdom

Participants

  • BlackRockIssuer, Asset manager, Distributor[1][2][4]United States
  • J.P. MorganPlatform provider, Technology provider, Transfer agent or registrar, Fund administrator, Depositary or trustee[2][1][3][4]United States
  • EYAuditor or reserve attestor[4]United Kingdom

Likely relevant regulation

Assets

Metrics

  • ~$311bnAssets of the six ICS funds (all share classes) · as of 30 Jun 2026context[1]
    Whole funds, not the tokenised classes.

Timeline

  1. Happened 4 Aug 2026 · Launch · recorded 17 Oct 2026
    BlackRock launches twelve tokenised share classes across six ICS money market funds in sterling, euro and dollars, minted on Ethereum through Kinexys.[1][2]

Sources

  1. [1]BlackRock debuts tokenized share classes for select European money market funds with $311 billion in assets — The Block, 4 Aug 2026. Accessed 17 Oct 2026. Based on a statement BlackRock shared with The Block; lists the six funds and the 13 named jurisdictions..C
  2. [2]BlackRock Adds Tokenised Share Classes to European UCITS MMFs — The Fintech Times, 16 Sep 2026. Accessed 17 Oct 2026. Describes the funds as UCITS public debt CNAV and LVNAV money market funds and Kinexys's minting and burning role..C
  3. [3]Schroders receives approval for first tokenized MMF share class — Ledger Insights, 6 Aug 2026. Accessed 17 Oct 2026. Says BlackRock's Irish UCITS tokenised MMFs use J.P. Morgan as transfer agent and tokenisation partner..C
  4. [4]Institutional Cash Series plc interim report and unaudited financial statements (period ended 31 March 2026) — BlackRock, 2026. Accessed 28 Oct 2026. General information page lists manager, administrator/registrar/transfer agent, depositary, auditor, investment managers and principal distributor..B

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