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BlackRock has filed with regulators two new applications for tokenized money market fund products, again positioning Ethereum as a core component of its institutional infrastructure strategy. One application would create a reserve vehicle for stablecoin issuers, aimed at faster settlement and operation around the clock. The second application has attracted more attention in crypto markets.
The second filing proposes a tokenized share class within the BlackRock Select Treasury Based Liquidity Fund, an institutional money market fund valued at approximately $6.1 billion. Unlike the BUIDL fund, launched in 2024 as a standalone tokenized product, this structure would provide tokenized access to an already existing fund.
Based on details available in the filing, the tokenized share class would operate exclusively on Ethereum. The filing reflects how Ethereum has become the most widely used infrastructure among major asset managers for this category of product, with the network already hosting multiple tokenized asset instruments.
The proposed fund is part of the BlackRock Liquidity Funds complex, which includes products such as FedFund, MuniCash, and T-Fund, all oriented toward institutional clients with large volumes of assets under management. Joseph Chalom, a BlackRock executive, said tokenization could move into a deeper adoption phase when entire funds migrate their structures to the blockchain, rather than adopting tokenization product by product.
For now, no additional expansion within the complex has been confirmed. The current filing is described as a structural test, with emphasis not only on price or trading possibilities, but also on settlement, transaction records, and accessibility. The filing indicates how far BlackRock is prepared to extend tokenization by using blockchain rails to move fund shares.
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