CoinDesk
BlackRock filed paperwork with the SEC on Friday to launch a new tokenized fund called the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, which will hold cash, short-term U.S. Treasury securities, and overnight repo agreements backed by Treasuries. Shares will be issued as "OnChain Shares" through a permissioned system connected to multiple public blockchains, with Securitize Transfer Agent LLC maintaining the official ownership records and a $3 million minimum investment gating who gets in.
In a separate filing, the firm proposed an onchain share class for its BlackRock Select Treasury Based Liquidity Fund, a traditional money-market fund with nearly $7 billion in assets under management. That structure would put the shareholder registry on Ethereum via ERC-20 token standards, with BNY Mellon Investment Servicing as transfer agent pairing wallet addresses to offchain investor identities.
Why it matters
BlackRock already runs BUIDL, the tokenized money-market fund it launched with Securitize in 2024 and which has since grown to roughly $2.5 billion in assets. The new filings extend that footprint in two directions at once: a new Treasury reserve vehicle designed to function as a stablecoin backstop, and an onchain share class grafted onto an existing $7 billion liquidity fund. CEO Larry Fink has repeatedly framed tokenization as a way to modernize financial plumbing, and Friday's paperwork is the most concrete execution of that thesis to date.
Market impact
The tokenized real-world asset market has grown more than 200% over the past year to over $30 billion, according to rwa.xyz, and a Boston Consulting Group / Ripple report projects it could reach $18.9 trillion by 2033. Putting a BlackRock liquidity fund's registry on Ethereum via ERC-20 is a different category of move than launching a standalone tokenized product — it brings an existing institutional balance sheet onto a public chain as the official record of ownership, which is the structural shift the rest of the asset management industry will now be measuring itself against.
Frequently asked questions
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What did BlackRock actually file for?
Two SEC filings on Friday: a new tokenized Treasury reserve fund called the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, and an onchain share class for its $7B BlackRock Select Treasury Based Liquidity Fund that would put the shareholder registry on Ethereum via ERC-20 standards.
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How big is BlackRock's existing tokenized fund business?
Its first tokenized money-market fund, BUIDL, launched with Securitize in 2024 and has grown to roughly $2.5 billion in assets, increasingly used across crypto markets as collateral for borrowing and leveraged trading.
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Which blockchains are involved?
The new Treasury reserve vehicle filing did not name specific chains — it uses a permissioned framework connected to multiple public blockchains. The proposed onchain share class for the $7B liquidity fund explicitly references Ethereum and the ERC-20 token standard, with BNY Mellon as transfer agent.
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Who can invest in the new tokenized Treasury reserve fund?
The filing sets a $3 million minimum investment. Securitize Transfer Agent LLC will maintain official ownership records using a permissioned system linking wallet addresses to offchain investor identities.
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How large is the broader tokenized real-world asset market?
The tokenized RWA market has grown more than 200% over the past year and now exceeds $30 billion, according to rwa.xyz data. Boston Consulting Group and Ripple have projected it could reach $18.9 trillion by 2033.
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