BlackRock filed with the SEC for 2 blockchain-based Treasury fund structures tied to tokenized on-chain shares.
Crypto News
BlackRock, which oversees $14 trillion in assets, filed paperwork with the US Securities and Exchange Commission (SEC) on May 8 for two new blockchain-based fund structures linked to US Treasury securities and money-market instruments. The filings add to a growing push by the asset manager into tokenized finance, a sector that has expanded more than 200% over the past year to exceed $30 billion, according to RWA(dot)xyz data.
The first proposal covers a new fund called the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle. The fund would hold cash, short-term US Treasury securities, and overnight repurchase agreements backed by Treasuries. It would issue tokenized 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.
BNY Mellon To Record Shares on Ethereum
The second filing proposes adding an on-chain share class to the BlackRock Select Treasury Based Liquidity Fund, an existing money-market fund with nearly $7 billion in assets under management. Under that structure, transfer agent BNY Mellon Investment Servicing would record official shareholder information on Ethereum (ETH) using the ERC-20 token standard. Off-chain identity systems would link wallet addresses to investor records.
Both filings build on a program BlackRock launched in 2024 with the introduction of BUIDL, its first tokenized money-market fund, developed in partnership with Securitize. BUIDL has grown to approximately $2.5 billion in assets and is used across crypto markets as collateral for borrowing and leveraged trading. BlackRock CEO Larry Fink has consistently argued that tokenization can modernize financial infrastructure by speeding up settlement, enabling around-the-clock trading, and improving transparency across asset classes including funds, bonds, and equities.
Tokenization refers to creating blockchain-based representations of traditional financial assets. A joint report from Boston Consulting Group and Ripple projected that the tokenized real-world asset (RWA) market could reach $18.9 trillion by 2033. The sector's rapid expansion has drawn participation from several of the world's largest financial institutions alongside BlackRock.
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