BlackRock (BK), the world’s largest asset manager with $14 trillion in assets under management, is deepening its commitment to tokenized finance by filing two new applications related to blockchain-based U.S. Treasury and money market funds.
In a filing with the U.S. Securities and Exchange Commission (SEC) on Friday, asset management giant BlackRock proposed launching the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a new fund that would invest in cash, short-term U.S. Treasury securities, and Treasury-backed overnight cash contracts.
The fund will issue “OnChain Shares” through a permission system connected to multiple public blockchains. Securitize Transfer Agent LLC maintains official ownership records for tokenized shares. According to the filing, the transfer agent will use a permissioned framework tied to a public blockchain network while maintaining off-chain records linking wallet addresses and investor identities.
The application does not specify which blockchains the fund will initially support. Investors will be required to make a minimum investment of $3 million.
Separately, BlackRock also filed documents to create an on-chain share class for the BlackRock Select Treasury-Based Liquidity Fund, a traditional money market fund with nearly $7 billion in assets under management.
The application outlined how the fund’s transfer agent, BNY Mellon Investment Servicing, would maintain official ownership records on Ethereum using the ERC-20 token standard. Blockchain records, combined with an off-chain ID system that connects wallets and investors, serve as an official register of shareholders.
This filing further strengthens BlackRock’s commitment to tokenized finance, one of the fastest growing areas of digital assets. Tokenization refers to the creation of blockchain-based representations of traditional financial assets such as funds, bonds, and stocks. Proponents say the technology speeds up payments, allows for 24-hour trading, and increases transparency.
According to data from rwa.xyz, the tokenized real-world asset market has grown over 200% in the past year and is now worth over $30 billion. A report by Boston Consulting Group and Ripple predicts that the market could reach $18.9 trillion by 2033.
BlackRock CEO Larry Fink has repeatedly championed tokenization as a way to modernize financial infrastructure. In 2024, the company launched its first tokenized money market fund BUIDL in collaboration with Securitize (CEPT). Since then, the fund has grown to approximately $2.5 billion in assets and is increasingly used as collateral for borrowings and leveraged transactions across the crypto market.
