Key Highlights

  • BlackRock filed for two new on-chain fund structures, including a Stablecoin Reserve Vehicle designed to issue shares directly on multiple public blockchains.

  • A second filing seeks to add an on-chain share class to an existing $7 billion money-market fund, with Ethereum used to track ownership via ERC-20 tokens.

  • The tokenized real-world asset market has surpassed $30 billion, roughly triple where it stood a year ago.BlackRock has filed paperwork with U.S. regulators for two new on-chain fund structures, extending its push to embed blockchain-native infrastructure into mainstream investment products.

The first filing describes a vehicle called the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle. The fund would invest in cash, short-term Treasury securities, and overnight repurchase agreements backed by Treasuries, and issue what the filing calls "OnChain Shares" through a permissioned system connected to multiple public blockchains. The design targets stablecoin issuers and other on-chain participants looking to hold yield-bearing assets without leaving the blockchain environment for traditional settlement rails.

A separate filing seeks to create an on-chain share class for the BlackRock Select Treasury-Based Liquidity Fund, an existing money-market vehicle with nearly $7 billion in assets under management. BNY Mellon Investment Servicing would maintain official ownership records on Ethereum using the ERC-20 token standard, while the underlying fund continues to operate through conventional structures. The minimum investment threshold is $3 million.

Both filings follow the model BlackRock established with its BUIDL tokenized money-market fund, launched in 2024 with Securitize, which has grown to roughly $2.5 billion in assets and helped establish product-market fit for tokenized Treasuries. BUIDL attracted a wave of institutional competitors and accelerated the buildout of tokenized Treasury infrastructure across the industry.

The broader tokenized real-world asset market has now crossed $30 billion, a figure that has tripled over the past twelve months, according to industry data. BlackRock's latest filings indicate that the largest traditional asset managers are shifting from exploratory blockchain products toward integrating on-chain rails directly into mainstream fund architecture.