BlackRock on Friday filed two applications with the US Securities and Exchange Commission aimed at expanding its presence in token finance, marking the company’s biggest push into blockchain-based investment products since launching its BUIDL fund in 2024.
One filing outlines plans for a BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a fund designed to hold cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasury securities.
The fund will issue what BlackRock describes as “OnChain Shares” through a framework linked to several public blockchains. Records of stock ownership will be maintained by Securitize Transfer Agent LLC, which will act as The official transportation agent for the product.
The filing did not mention which blockchains the fund will support at launch. Entry requires a minimum investment of $3 million, which limits access to institutional buyers.
The second filing focuses on the BlackRock Select Treasury-based liquidity fund (BSTBL), a traditional money market vehicle that manages approximately $7 billion. BNY Mellon Investment Service is expected to maintain shareholder records on Ethereum using the ERC-20 token standard.
Blockchain transactions combined with off-chain identity verification will serve as the official record of contributors to the fund. This initiative will put one of BlackRock’s largest cash management products directly on the public blockchain for the first time.
BlackRock relies on the BUIDL strategy
Both filings expand a strategy BlackRock has been pursuing since 2024, when it partnered with Securitize to launch BUIDL, its first venture Premium money market fund.
BUIDL has accumulated since then About $2.5 billion in assets It found unexpected traction as collateral for borrowing alongside leveraged trading across cryptocurrency markets. This secondary use case has pushed enterprise demand beyond the original scope of the product.
BlackRock CEO Larry Fink has publicly argued that blockchain-based settlement could compress transaction cycles, enable 24/7 trading, and add transparency to capital markets. The dual filings suggest that the company is acting on this thesis broadly and deliberately.
The RWA market is growing rapidly
Deposits arrive as tokenized Real Assets (RWA) segments Exceeds $30 billion in total Value, more than tripling in the last 12 months. According to data from rwa.xyz. A joint forecast from Boston Consulting Group and Ripple estimates that the market could reach $18.9 trillion by 2033.
The market for tokenized US Treasuries has grown rapidly, reaching a total value of $14 billion as of May 2026. This has indicated growing institutional interest in blockchain-based fixed income products.
Major financial firms, including BlackRock and Circle, have emerged as major players driving the adoption of cross-chain treasury products among institutional investors. Ethereum currently holds more than half of this market, Equivalent to about $8 billion.
BlackRock, which manages $14 trillion globally, is not the only traditional asset manager exploring tokenization and the RWA market. However, the filing of two filings in one day from the world’s largest fund company is significant as regulators, competitors and native cryptocurrency companies continue to monitor for more signals about institutional compliance.
Neither product has received SEC approval at the time of writing. The launch date has not been confirmed for either fund.
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