Definition
An on-chain share class is a fund share class whose ownership tokens mint/burn on a blockchain while the authoritative shareholder register typically remains with a traditional transfer agent — used by blackrock European ICS money market funds via kinexys.
Key Points
- Tokens enable 24/7 P2P transfer among approved wallets without moving the legal register on-chain
- $311B figure for BlackRock ICS is underlying fund AUM, not on-chain AUM (2026-08-04-blackrock-europe-mmf-decrypt)
- Professional/qualified clients under UCITS structures