•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
BlackRock filed two proposals with the U.S. Securities and Exchange Commission (SEC) aimed at expanding its tokenized finance offerings, including a new tokenized Treasury reserve fund and blockchain-based shares for its nearly $7 billion money-market fund. The filings represent the firm’s largest push into tokenized finance since launching BUIDL in 2024, as the broader tokenized real-world asset (RWA) market surpasses $30 billion.
One filing describes plans for the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a fund intended to hold cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries.
The fund would issue “OnChain Shares” through a framework linked to multiple public blockchains. Records of Ownership for the shares would be maintained by Securitize Transfer Agent LLC, which would serve as the product’s official transfer agent.
The filing did not specify which blockchains the fund would support at launch. Entry would require a $3 million minimum investment, limiting access to institutional buyers.
The second filing focuses on the BlackRock Select Treasury Based Liquidity Fund (BSTBL), a traditional money-market vehicle managing close to $7 billion.
BNY Mellon Investment Servicing is expected to maintain shareholder records on Ethereum using the ERC-20 token standard. Blockchain transactions, together with off-chain identity verification, would function as the fund’s official shareholder registry.
The proposal would place one of BlackRock’s largest cash-management products on a public blockchain for the first time.
The two filings build on a strategy BlackRock has pursued since 2024, when it partnered with Securitize to launch BUIDL, its first tokenized money-market fund.
BUIDL has accumulated roughly $2.5 billion in assets and has found traction beyond its original purpose, including use as collateral for borrowing and leveraged trading across crypto markets. BlackRock CEO Larry Fink has argued that blockchain-based settlement can compress transaction cycles, enable 24/7 trading, and increase transparency in capital markets.
The filings come as the tokenized RWA sector crosses $30 billion in total value, more than tripling over the past 12 months, according to data from rwa.xyz. A joint projection from Boston Consulting Group and Ripple estimated the market could reach $18.9 trillion by 2033.
Tokenized U.S. Treasuries have also grown quickly, reaching a total value of $14 billion as of May 2026. Ethereum currently holds more than half of this market, equal to about $8 billion.
Major financial firms, including BlackRock and Circle, have emerged as key players in on-chain treasury products for institutional investors. BlackRock, which manages $14 trillion globally, is not the only traditional asset manager exploring tokenization, but two filings in a single day from the world’s largest fund company are notable as regulators, competitors, and crypto-native firms watch for signals of institutional commitment.
Neither product has received SEC approval as of the time of writing, and no launch date has been confirmed for either fund.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
