BlackRock on Friday filed two applications with the U.S. SEC aimed at expanding its footprint in tokenized finance, marking the firm’s biggest push into blockchain-based investment products since the launch of its BUIDL fund in 2024. One of the filings outlines plans for the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a fund designed to hold cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries. The fund would issue what BlackRock describes as “OnChain Shares” through a framework linked to multiple public blockchains. Records of Ownership for the shares would be maintained by Securitize Transfer Agent LLC, which would serve as the official transfer agent for the product . The filing did not name which blockchains the fund will support at launch. Entry requires a $3 million minimum investment, restricting access to institutional buyers. The second filing focuses on the BlackRock Select Treasury Based Liquidity Fund (BSTBL), a traditional money-market vehicle managing close to $7 billion. BNY Mellon Investment Servicing is expected to maintain shareholder records on Ethereum using the ERC-20 token standard. Blockchain transactions alongside off-chain identity verification would act as the fund’s official shareholder registry. This initiative would place one of BlackRock’s largest cash-management products directly on a public blockchain for the first time. BlackRock builds upon the BUIDL strategy Both filings extend a strategy BlackRock has pursued since 2024, when it partnered with Securitize to launch BUIDL, its first tokenized money-market fund . BUIDL has since accumulated roughly $2.5 billion in assets and found unexpected traction as collateral for borrowing along with leveraged trading across crypto markets. That secondary use case has driven institutional demand well beyond the product’s original scope. BlackRock CEO Larry Fink has publicly argued that blockchain-based settlement can compress transaction cycles, enable 24/7 trading, and add transparency to capital markets. The twin filings suggest the firm is acting on that thesis at scale and intentionally. RWA market is growing rapidly The filings arrive as the tokenized real-world asset (RWA) sector crosses $30 billion in total value, more than tripling over the past 12 months. According to data from rwa.xyz. A joint projection from Boston Consulting Group and Ripple estimated the market could reach $18.9 trillion by 2033. The market for tokenized U.S. Treasuries has grown rapidly, reaching a total value of $14 billion as of May 2026. This has indicated a rising institutional interest in blockchain-based fixed-income products. Major financial firms, including BlackRock and Circle, have emerged as key players driving the adoption of on-chain treasury products among institutional investors. Ethereum currently holds more than half of this market, equal to about $8 billion . BlackRock, which manages $14 trillion globally, is not the only traditional asset manager exploring tokenization and the RWA market. However, two filings in a single day from the world’s largest fund company are significant as regulators, competitors, and crypto-native firms continue to watch for more signals on institutional commitment. Neither product has received SEC approval as of the time of writing. No launch date has been confirmed for either fund. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .
