BlackRock Files for Two New Tokenized Money-Market Funds Targeting Stablecoin Capital

BlackRock, the world’s largest asset manager with $14 trillion under management, filed two applications with the SEC on Friday to expand its tokenized-fund lineup, deepening its bet on onchain finance.

The first filing proposes a new product called the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, which would invest in cash, short-term U.S. Treasuries with maturities of 93 days or less, and overnight repurchase agreements backed by Treasuries. The fund would issue “OnChain Shares” through a permissioned framework connected to multiple public blockchains, with Securitize Transfer Agent LLC serving as the official transfer agent. Entry requires a $3 million minimum investment, restricting access to institutional buyers.

This story is an excerpt from the Unchained Daily newsletter.

The second filing tokenizes an existing product: the BlackRock Select Treasury Based Liquidity Fund, a roughly $6.1 billion money-market vehicle. The new share class would trade on Ethereum alongside the fund’s traditional shares, with BNY Mellon Investment Servicing maintaining shareholder records using the ERC-20 token standard. The product is aimed squarely at stablecoin holders sitting on idle capital that earns no yield.

The filings build on BUIDL, BlackRock’s first tokenized fund, which launched in March 2024 and now manages more than $2.5 billion across eight chains, including Ethereum, Solana, and Aptos. In February, BlackRock plugged BUIDL into UniswapX as part of its push to bridge tokenized assets and DeFi.

The broader tokenized-Treasury market has now passed $14 billion, roughly tripling in a year, with Ethereum hosting more than $8 billion. Neither new BlackRock product has received SEC approval as of Friday’s filing.