(Updates with comment from BlackRock and JPMorgan's Kinexys; S&P Global's AAAm rating for BRSRV)
BlackRock debuted digital versions of select BlackRock Institutional Cash Series (ICS) money market funds in Europe, using blockchain rails from JPMorgan's Kinexys to provide onchain access to investors in more than a dozen markets.
"Tokenised money market funds allow us to bring high-quality, short-duration investment exposures into digital formats, while maintaining the same standards around capital preservation, liquidity, and risk management," said Hannah Winter, head of digital cash at BlackRock.
The world's biggest asset manager with $15.3tn under management as of June 30 launched BlackRock USD Institutional Digital Liquidity Fund (BUIDL), its first tokenized institutional money market product, in March 2024. It followed that on 3 August 2026 with the OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund (BSTBL) and the newly-created BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), ahead of Tuesday's European rollout.
S&P Global Ratings has since assigned BRSRV its highest principal stability rating, AAAm, citing the fund's underlying credit quality, duration profile and management capabilities as sufficient to maintain net asset value stability. The fund uses a permissioned, whitelist structure and holds cash, US Treasuries maturing within 93 days, and Treasury-collateralized repurchase agreements, positioning it as a compliant reserve asset for stablecoin issuers operating under the GENIUS Act, the US stablecoin framework signed into law in July 2025.
The new tokenized share classes will be available in 15 markets across Europe, plus Bermuda and Singapore, BlackRock said. Kinexys provides the asset-tokenization layer that mints and burns the onchain shares, acting as the bridge between Ethereum-based activity and the traditional transfer-agent record, which still maintains the official shareholder register and record of ownership of the funds.
"By tokenizing share classes of existing money market funds, we bring new onchain functionality to trusted products, made possible through blockchain rails," said Kara Kennedy, global head of market development at Kinexys.
The products represent regulated money market fund wrappers with blockchain-native transfer features, aimed at institutional cash, collateral and treasury workflows.
BlackRock is not the first manager to offer tokenized money market funds in Europe, but its entrance matters because it brings the largest traditional asset manager into a product format that has so far been led by early movers. That gives tokenized money market funds more credibility with European institutions that want cash-like exposure with blockchain settlement features.
Franklin Templeton's Luxembourg-domiciled UCITS is the first tokenized UCITS money market fund in Europe. Fidelity International's Cayman-domiciled USD Digital Liquidity Fund, which mirrors the strategy of its Irish LVNAV fund, is distributed to European institutional investors via Sygnum Bank.
According to an April 2026 report by the ECB, the total tokenized money market fund market is around €7bn (about $8bn) and EU-domiciled tokenized money market funds account for about €725mn (about $835mn).
