BlackRock (BK), the world’s largest asset manager, overseeing $14 trillion in assets, is deepening its push into tokenized finance with a pair of new filings tied to blockchain-based U.S. Treasury and money market funds.
In a Friday filing with the U.S. Securities and Exchange Commission (SEC), the asset management giant proposed launching the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a new fund that invests in cash, short-term U.S. Treasury securities and overnight repurchase agreements backed by Treasury bonds.
The fund would issue “OnChain Shares” through a permissioned system connected to multiple public blockchains. Securitize Transfer Agent LLC will maintain official records of ownership of those tokenized shares. According to the filing, the transfer agent will use a permissioned framework linked to public blockchain networks, while maintaining off-chain records linking wallet addresses to investors’ identities.
The filing did not reveal which blockchains the fund will initially support. Investors would face a minimum investment of $3 million.
Separately, BlackRock also filed paperwork to create an on-chain share class for its BlackRock Select Treasury Based Liquidity Fund, a traditional money market fund with nearly $7 billion in assets under management.
That presentation outlined how the fund’s transfer agent, BNY Mellon Investment Servicing, would maintain official ownership records on Ethereum using ERC-20 token standards. Blockchain registries, combined with off-chain identity systems that link wallets to investors, would serve as the official record of shareholders.
The filings deepen BlackRock’s push into 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 or stocks. Proponents say the technology can speed up deals, enable 24-hour trading and improve transparency.
The real-world tokenized asset market has grown more than 200% over the past year and now exceeds $30 billion, according to data from rwa.xyz. A report from Boston Consulting Group and Ripple projected that the market could reach $18.9 trillion by 2033.
BlackRock CEO Larry Fink has repeatedly endorsed tokenization as a way to modernize financial infrastructure. In 2024, the company launched its first tokenized money market fund, BUIDL, with Securitize (CEPT). The fund has since grown to approximately $2.5 billion in assets and is increasingly used in crypto markets as collateral for loans and leveraged trades.
