Key Takeaways
- • BlackRock filed two SEC applications on May 10, 2026, to launch tokenized money-market funds on Ethereum, representing the asset manager's largest blockchain expansion since launching BUIDL in 2024.
- • The BlackRock Daily Reinvestment Stablecoin Reserve Vehicle will hold cash, short-term U.S. Treasury securities, and overnight repurchase agreements, with OnChain Shares issued through a multi-blockchain framework and a $3 million minimum institutional investment requirement.
- • The BlackRock Select Treasury Based Liquidity Fund (BSTBL), managing approximately $7 billion in assets, will issue ERC-20 compliant shares on Ethereum with BNY Mellon Investment Servicing maintaining shareholder records on-chain—marking the first time BlackRock will place one of its largest cash-management products directly on a public blockchain.
- • BUIDL, BlackRock's existing tokenized money-market fund launched in 2024 with Securitize, has accumulated roughly $2.5 billion in assets and gained unexpected traction as collateral for borrowing and leveraged trading in crypto markets.
- • The filings capitalize on the tokenized real-world assets market, which has grown 200% year-over-year, positioning BlackRock to capture institutional demand from stablecoin-holding investors seeking Treasury yield exposure.
Summary
BlackRock filed two applications with the U.S. Securities and Exchange Commission on Friday, May 10, 2026, to expand its tokenized fund offerings, marking a significant escalation in the world's largest asset manager's blockchain strategy. The filings represent BlackRock's most substantial push into tokenized finance since it launched BUIDL, its first blockchain-based money-market fund, in 2024.
The first filing proposes the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, designed to hold cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries. The fund will issue "OnChain Shares" through a framework linked to multiple public blockchains, with Securitize Transfer Agent LLC serving as the official transfer agent. The product carries a $3 million minimum investment requirement, restricting access to institutional investors only. The filing did not specify which blockchains will support the fund at launch.
The second filing targets the BlackRock Select Treasury Based Liquidity Fund (BSTBL), an existing traditional money-market vehicle managing close to $7 billion in assets. Under the proposal, BNY Mellon Investment Servicing would maintain shareholder records on Ethereum using the ERC-20 token standard, with blockchain transactions and off-chain identity verification serving as the official shareholder registry. This initiative marks the first time BlackRock will place one of its largest cash-management products directly on a public blockchain.
Both filings extend a strategy BlackRock initiated in 2024 through its partnership with Securitize. BUIDL, the firm's pioneering tokenized money-market fund, has accumulated approximately $2.5 billion in assets and achieved unexpected market traction as collateral for borrowing and leveraged trading across crypto markets. These new filings arrive as the tokenized real-world assets market experiences explosive growth, expanding 200% year-over-year, positioning BlackRock to capture institutional demand from investors holding stablecoins who seek direct exposure to Treasury yield.
The first filing proposes the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, designed to hold cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries. The fund will issue "OnChain Shares" through a framework linked to multiple public blockchains, with Securitize Transfer Agent LLC serving as the official transfer agent. The product carries a $3 million minimum investment requirement, restricting access to institutional investors only. The filing did not specify which blockchains will support the fund at launch.
The second filing targets the BlackRock Select Treasury Based Liquidity Fund (BSTBL), an existing traditional money-market vehicle managing close to $7 billion in assets. Under the proposal, BNY Mellon Investment Servicing would maintain shareholder records on Ethereum using the ERC-20 token standard, with blockchain transactions and off-chain identity verification serving as the official shareholder registry. This initiative marks the first time BlackRock will place one of its largest cash-management products directly on a public blockchain.
Both filings extend a strategy BlackRock initiated in 2024 through its partnership with Securitize. BUIDL, the firm's pioneering tokenized money-market fund, has accumulated approximately $2.5 billion in assets and achieved unexpected market traction as collateral for borrowing and leveraged trading across crypto markets. These new filings arrive as the tokenized real-world assets market experiences explosive growth, expanding 200% year-over-year, positioning BlackRock to capture institutional demand from investors holding stablecoins who seek direct exposure to Treasury yield.
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