BlackRock Files for Two Tokenized Funds on Ethereum ERC-20
BlackRock , the world's largest asset manager with more than $14 trillion in assets under management, filed two separate registration statements with the U.S. Securities and Exchange Commission on May 8 9, 2026 , proposing new on chain fund structures that would issue tokenized shares over public blockchain networks. The filings, which build directly on the firm's BUIDL precedent, represent the most concrete step yet by a bulge bracket institution to move regulated fund infrastructure onto Ethereum rails.[1] Two Funds, Two Architectures The first proposed vehicle, described in the filing as the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle , is a newly created fund rather than an extension of an existing product. It would hold a portfolio of cash, short term U.S. Treasury securities, and overnight repurchase agreements collateralized by Treasuries, a structure familiar to money market investors. The fund would issue what the filing terms " OnChain Shares " through a permissioned system capable of connecting to multiple public blockchains. Securitize Transfer Agent LLC would serve as the official record keeper, with off chain identity systems linking verified investor wallet addresses to ownership records. The minimum investment threshold is set at $3 million .[1][2] The second filing takes a different approach: rather than launching a brand new fund, BlackRock proposes adding an on chain share class to an already operating vehicle, the BlackRock Select Treasury Based Liquidity Fund (ticker: TFFXX), a 2a 7 compliant money market fund carrying nearly $7 billion in assets under management. Under this structure, BNY Mellon Investment Servicing would record official shareholder information directly on the Ethereum blockchain using the ERC 20 token standard. Off chain identity systems would link wallet addresses to investor records, preserving compliance with anti money laundering and know your customer requirements while making the fund's share register natively on chain.[1][2] Fund Comparison | Feature | Stablecoin Reserve Vehicle | Select Treasury Liquidity (TFFXX) | | | | | | Structure | New fund | Existing fund, new share class | | AUM | New launch | ~$7 billion | | Underlying assets | Cash, short term Treasuries, repo | 2a 7 money market instruments | | Blockchain | Multiple (TBD) | Ethereum | | Token standard | OnChain Shares | ERC 20 | | Transfer agent | Securitize Transfer Agent LLC | BNY Mellon Investment Servicing | | Minimum investment | $3 million | Not yet disclosed | | Approx. yield | ~4% (accrued daily) | Money market rate | BUIDL as the Foundation Both filings trace their lineage to BUIDL , the BlackRock USD Institutional Digital Liquidity Fund , launched in March 2024 in partnership with Securitize . BUIDL began as an Ethereum native private money market fund with a $5 million entry threshold and has since grown to approximately $2.5 billion in assets, making it the largest tokenized Treasury fund globally.[1] The fund now operates across nine blockchain networks and functions as collateral in crypto lending and leveraged trading protocols, demonstrating that institutional grade tokenized yield products can achieve meaningful secondary utility beyond simple buy and hold.[2] The May 2026 filings signal that BlackRock views BUIDL not as a one off experiment but as a repeatable template. The Stablecoin Reserve Vehicle is widely seen as targeting the $200 billion plus stablecoin reserve market , where issuers currently earn limited yield on underlying assets. A regulated, yield bearing Treasury product accessible via blockchain rails could capture significant flows from stablecoin operators required under the GENIUS Act to hold reserves in U.S. Treasury obligations or 2a 7 money market funds.[3] What On Chain Ownership Records Change The practical implications of recording official ownership on Ethereum rather than in a legacy transfer agent's database are substantial. Settlement that currently takes one to two business days becomes near instantaneous. Trading access extends to twenty four hours a day, seven days a week, rather than being confined to market hours. Portfolio transparency increases because balances are visible on a public ledger. And programmability opens the door to automatic reinvestment, collateral pledging, and integration with decentralized lending protocols, without requiring investors to exit the regulated fund wrapper.[1][2] Robbie Mitchnick , BlackRock's Head of Digital Assets, has articulated why this matters operationally: "Tokenization has broken the paradigm that forced you to choose between capturing full yield on your U.S. dollar savings and having full liquidity." The sentiment underpins both filings. The Stablecoin Reserve Vehicle targets yield seekers currently holding non yielding stablecoins, while the tokenized TFFXX share class offers institutional investors a path to hold a fully familiar 2a 7 instrument without the friction of traditional transfer and settlement systems.[4] Institutional Tokenization Wave BlackRock's move arrives as the broader tokenized real world asset market has expanded more than 200% over the past twelve months to exceed $30 billion , according to RWA.xyz data, with the tokenized Treasury segment alone crossing $15 billion in early 2026.[1][3] A joint report from Boston Consulting Group and Ripple projects the tokenized RWA market could reach $18.9 trillion by 2033.[1] The filings pair with parallel institutional infrastructure developments. The DTCC , which clears the overwhelming majority of U.S. equity and fixed income trades, has advanced its own on chain settlement pilots, and several primary dealers have begun accepting tokenized Treasuries as repo collateral. Together, these moves suggest that the tokenization of traditional financial instruments is transitioning from controlled pilots toward operational market infrastructure. Larry Fink has framed the longer arc in a January 2026 interview: "If we coul…