Key Takeaways
- • BlackRock filed with the SEC on May 8, 2026, for two new tokenized funds: a tokenized version of its BlackRock Select Treasury Based Liquidity Fund (BSTBL) and a new blockchain-native tokenized money market fund called BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), expanding its tokenized asset offerings beyond BUIDL.
- • BUIDL, BlackRock's tokenized treasury fund launched in March 2024, has grown to nearly $2.5 billion in assets under management and was the first institutional-grade onchain fund to surpass $1 billion, demonstrating sustained institutional demand for tokenized liquidity products.
- • The tokenized fund market has expanded dramatically from approximately $100 million in 2024 to $15 billion as of May 2026, with competition intensifying from issuers including Circle and Ondo Finance, which have surpassed BUIDL in assets under management.
- • BlackRock manages the Circle Reserve Fund, which holds approximately $67 billion of Circle's $78 billion reserve base for the USDC stablecoin, positioning the firm as a critical infrastructure provider in the digital dollar system following passage of the Genius Act, the first federal stablecoin framework.
- • Industry observers characterize BlackRock's new filings as marking the "starting gun for a new financial era" defined by institutional capital flows operating entirely onchain.
Summary
BlackRock advanced its tokenization strategy on May 8, 2026, by filing applications with the U.S. Securities and Exchange Commission for two new tokenized funds designed to capture growth in blockchain-based institutional capital markets. The filings mark a significant expansion of the firm's onchain offerings, which currently include BUIDL, the tokenized treasury fund launched in March 2024 that has become a flagship product in the emerging digital asset infrastructure space.
The two new funds under development are a tokenized version of the BlackRock Select Treasury Based Liquidity Fund (BSTBL) and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), a blockchain-native tokenized money market fund. These additions reflect BlackRock's commitment to building a comprehensive suite of tokenized liquidity products as institutional adoption of onchain finance accelerates. BUIDL itself has demonstrated robust growth, reaching nearly $2.5 billion in assets under management and becoming the first institutional-grade onchain fund to exceed $1 billion, though it has since faced competitive pressure from newer entrants.
The tokenized treasury and money market fund sector has experienced explosive growth, expanding from approximately $100 million in assets in 2024 to roughly $15 billion by May 2026. However, the landscape has become increasingly competitive, with tokenized funds from Circle, the stablecoin issuer, and Ondo Finance, the digital asset capital markets group, gaining market share and surpassing BUIDL's rankings. Despite this competition, BlackRock maintains a strategically important position through its management of the Circle Reserve Fund, which holds approximately $67 billion of Circle's $78 billion reserve base backing the USDC stablecoin—a dominant role that emerged following the U.S. administration's passage of the Genius Act, establishing the first federal regulatory framework for stablecoins.
Market observers and financial media have characterized BlackRock's new SEC filings as symbolic of a structural shift toward institutional capital operating entirely onchain, with commentators describing the move as "the starting gun for a new financial era" in which blockchain infrastructure supports mainstream institutional asset flows and liquidity management.
The two new funds under development are a tokenized version of the BlackRock Select Treasury Based Liquidity Fund (BSTBL) and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), a blockchain-native tokenized money market fund. These additions reflect BlackRock's commitment to building a comprehensive suite of tokenized liquidity products as institutional adoption of onchain finance accelerates. BUIDL itself has demonstrated robust growth, reaching nearly $2.5 billion in assets under management and becoming the first institutional-grade onchain fund to exceed $1 billion, though it has since faced competitive pressure from newer entrants.
The tokenized treasury and money market fund sector has experienced explosive growth, expanding from approximately $100 million in assets in 2024 to roughly $15 billion by May 2026. However, the landscape has become increasingly competitive, with tokenized funds from Circle, the stablecoin issuer, and Ondo Finance, the digital asset capital markets group, gaining market share and surpassing BUIDL's rankings. Despite this competition, BlackRock maintains a strategically important position through its management of the Circle Reserve Fund, which holds approximately $67 billion of Circle's $78 billion reserve base backing the USDC stablecoin—a dominant role that emerged following the U.S. administration's passage of the Genius Act, establishing the first federal regulatory framework for stablecoins.
Market observers and financial media have characterized BlackRock's new SEC filings as symbolic of a structural shift toward institutional capital operating entirely onchain, with commentators describing the move as "the starting gun for a new financial era" in which blockchain infrastructure supports mainstream institutional asset flows and liquidity management.
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