BlackRock Files for Two Tokenized Treasury and Money-Market Funds
BlackRock, the world's largest asset manager with $14 trillion in assets, filed with the SEC to launch the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a new fund investing in cash, short-term U.S. Treasuries, and repo agreements. The fund will issue "OnChain Shares" through a permissioned system linked to multiple public blockchains, with Securitize Transfer Agent maintaining ownership records both on-chain and off-chain. Minimum investment is $3 million. Separately, BlackRock filed for an onchain share class for its $7 billion Select Treasury Based Liquidity Fund, using Ethereum ERC-20 tokens with BNY Mellon as transfer agent. These filings deepen BlackRock's push into tokenized finance, the fastest-growing digital assets sector. The tokenized real-world asset market has grown over 200% year-over-year to exceed $30 billion, with projections reaching $18.9 trillion by 2033. CEO Larry Fink has championed tokenization for modernizing financial infrastructure, citing benefits like faster settlement and 24/7 trading. For wallet and key holders, this development signals increased institutional adoption of blockchain-based securities, potentially leading to more regulated on-chain products. While no specific blockchains were named initially, the use of permissioned systems with off-chain identity linking means investors must comply with KYC/AML requirements. The $3 million minimum suggests these products target institutional rather than retail users. Holders should monitor how tokenized fund shares interact with DeFi protocols and whether they require custody or self-custody arrangements.
Key facts
- BlackRock filed for a tokenized Treasury fund (Stablecoin Reserve Vehicle) with $3M minimum.
- Second filing for onchain share class of $7B Select Treasury Liquidity Fund on Ethereum.
- Tokenized real-world asset market exceeded $30 billion, growing 200% year over year.
- Securitize and BNY Mellon will serve as transfer agents for the respective funds.
- BlackRock's first tokenized fund BUIDL has grown to $2.5 billion in assets.