BlackRock filed SEC paperwork Friday to launch two tokenized fund offerings: a Treasury reserve fund and an onchain share class for its $7 billion Select Treasury Based Liquidity Fund. The filings mark the asset manager’s most aggressive expansion into tokenized finance since launching BUIDL, its $2.5 billion tokenized money-market fund, in 2024. The moves arrive as the tokenized real-world asset sector surpasses $30 billion in total value, up 200% year-over-year.
BlackRock Doubles Down on Blockchain Infrastructure
The world’s largest asset manager, overseeing $14 trillion in assets, has positioned tokenization as core financial infrastructure. The Treasury reserve fund will carry a $3 million minimum investment and will use Securitize as its transfer agent. The money-market fund’s onchain share class will settle on Ethereum and use BNY Mellon Investment Servicing as transfer agent. Both moves signal confidence in blockchain-based settlement as a viable alternative to traditional clearing systems, despite regulatory uncertainty around digital asset custody and settlement finality.
Tokenized RWA Sector Accelerates Toward Institutional Scale
The tokenized real-world asset market has grown from approximately $10 billion to $30 billion in 12 months. Boston Consulting Group and Ripple project the sector will reach $18.9 trillion by 2033. BlackRock’s BUIDL fund has become collateral for leveraged trading and borrowing within crypto markets, demonstrating utility beyond traditional asset management. The new filings suggest institutional capital is ready to move beyond experimental tokenization into operational infrastructure. Neither filing specified blockchain support for the Treasury reserve fund, leaving open questions about multi-chain deployment.
Regulatory Clarity Still Pending
SEC approval remains uncertain. BlackRock CEO Larry Fink has publicly backed tokenization as financial modernization, but regulators have not issued comprehensive guidance on tokenized fund custody, settlement, or investor protections. The Treasury reserve fund’s specific launch date and blockchain specifications remain undisclosed. Investor eligibility criteria beyond the $3 million minimum are also unclear. These filings will test whether the SEC views tokenized share classes as substantially different from existing fund structures or as straightforward technology upgrades.
