BlackRock (BK), the world’s largest asset manager overseeing $14 trillion in assets, is ramping up its efforts in tokenized finance with two new filings tied to blockchain-based U.S. Treasury and money market funds.
In a filing with the U.S. Securities and Exchange Commission (SEC) on Friday, 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 bills.
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 these 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 investor identities.
The filing did not reveal which blockchains the fund would 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.
This filing described how the fund’s transfer agent, BNY Mellon Investment Servicing, would maintain official records of ownership on Ethereum using the ERC-20 token standards. Blockchain records, combined with off-chain identity systems linking wallets to investors, would serve as an official register of shareholders.
These documents reinforce 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. Supporters say the technology can speed settlement, enable 24-hour trading and improve transparency.
The market for real-world tokenized assets has grown more than 200% over the past year and now exceeds $30 billion, according to data from rwa.xyz. A report from the Boston Consulting Group and Ripple predicts that the market could reach $18.9 trillion by 2033.
BlackRock CEO Larry Fink has repeatedly supported tokenization as a way to modernize financial infrastructure. In 2024, the company launched its first tokenized money 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 borrowing and leveraged trades.
