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BlackRock filed paperwork for a digital share class of its $6.1 billion Select Treasury Based Liquidity Fund, putting the asset manager's short-duration Treasury book directly on Ethereum for the first time.
The new class is structured for investors who already hold cash in stablecoins rather than bank accounts — a distribution channel the fund's existing share classes cannot reach. The underlying portfolio holds cash, US T-bills, short-term notes and securities with maturities of 93 days or less, and the tokenized shares will run on Ethereum alongside the fund's existing share classes.
Why it matters
BlackRock is the largest asset manager in the world, and the $6.1 billion fund is already among the heavier Treasury-liquidity products in the institutional cash-management complex. Putting a digital share class on Ethereum turns that balance sheet into the bridge between stablecoin treasuries and short-duration US government paper — effectively letting stablecoin issuers and large on-chain treasuries park reserves inside a regulated, audited BlackRock vehicle without ever touching a bank.
The filing lands as stablecoin supply keeps grinding higher and as the firm's spot BTC and ETH ETFs continue to absorb institutional flow. Tokenized Treasuries have been one of the fastest-growing corners of RWA markets for two years; BlackRock putting its own balance sheet directly on-chain is the legitimizing signal the segment has been waiting for.
Market impact
Watch the on-chain Treasury-fund AUM totals next quarter — the $6.1B base gives BlackRock immediate scale leadership in tokenized MMFs the moment the class launches.
Frequently asked questions
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What did BlackRock actually file?
Paperwork for a digital share class of its $6.1B Select Treasury Based Liquidity Fund, with the tokenized shares expected to run on Ethereum alongside the fund's existing share classes.
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Why is the fund's $6.1B size significant?
It is already among the heavier Treasury-liquidity products in institutional cash management, giving BlackRock immediate scale leadership in tokenized money-market funds the moment the class launches.
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Who is the tokenized share class designed for?
Investors who already hold cash in stablecoins rather than traditional bank accounts — a distribution channel the fund's existing share classes cannot reach.
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What does the underlying fund invest in?
Cash, US Treasury bills, short-term notes and other securities with maturities of 93 days or less — standard institutional cash-management composition.
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How does this fit with BlackRock's other crypto moves?
It sits alongside the firm's spot BTC and ETH ETFs, threading the full stack: spot exposure, tokenized money-market yield and on-chain settlement on a single rail.
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