Hassan Maishera
TL;DR
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lackRock filed with the SEC to launch two blockchain-based Treasury and money-market investment products as it expands deeper into tokenized finance.
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.One proposed fund would issue “OnChain Shares” backed by cash and short-term Treasuries, while another would create an Ethereum-based tokenized share class for a $7 billion liquidity fund.
BlackRock, the world’s largest asset manager with roughly $14 trillion under management, is accelerating its move into tokenized finance through two new filings tied to blockchain-based U.S. Treasury and money-market products.
In a Friday filing with the U.S. Securities and Exchange Commission, BlackRock proposed launching the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a fund designed to invest in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries.
The proposed vehicle would issue “OnChain Shares” through a permissioned framework connected to multiple public blockchains.
Securitize Transfer Agent LLC would maintain the official ownership records for the tokenized shares.
According to the filing, the transfer agent would combine blockchain infrastructure with off-chain identity systems that link investor identities to wallet addresses within a permissioned environment.
The filing did not specify which blockchain networks the fund would initially support. Investors would also face a minimum investment requirement of $3 million.
BlackRock Plans an Ethereum-based Money Market Share Class
Separately, BlackRock also submitted paperwork to create an on-chain share class for its BlackRock Select Treasury-Based Liquidity Fund, a traditional money-market fund that currently manages nearly $7 billion in assets.
That filing revealed that BNY Mellon Investment Servicing would act as transfer agent and maintain official ownership records on Ethereum using ERC-20 token standards.
Blockchain records, combined with off-chain systems verifying investor identities, would function as the official shareholder registry for the tokenized fund shares.
The filings represent BlackRock’s latest expansion into tokenized real-world assets, one of the fastest-growing sectors in digital finance.
Tokenization involves creating blockchain-based representations of traditional assets such as bonds, funds, or equities, with supporters arguing the technology can improve transparency, accelerate settlement, and enable 24/7 trading.
According to rwa.xyz, the tokenized real-world asset market has grown more than 200% over the past year and now exceeds $30 billion in value.
Larry Fink Continues Tokenization Strategy
BlackRock’s CEO Larry Fink has repeatedly promoted tokenization as a major upgrade to traditional financial infrastructure.
In 2024, BlackRock launched its first tokenized money-market fund, BUIDL, in partnership with Securitize.
The fund has since grown to approximately $2.5 billion in assets and is increasingly being used across crypto markets as collateral for borrowing, leveraged trading, and other decentralized finance applications.
