BlackRock deepens tokenization push with new onchain fund offerings

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BlackRock deepens tokenization push with new onchain fund offerings The world's largest asset manager filed paperwork to expand its tokenized fund lineup as real-world assets grow 200% year over year. What to know: - BlackRock filed for a new tokenized Treasury reserve fund with Securitize. - The asset manager also proposed to create onchain shares for a $7 billion money-market fund. - The moves add to BlackRock’s growing bet on tokenized finance as the sector surpasses $30 billion, tripling in a year. BlackRock (BK), the world's largest asset manager, overseeing $14 trillion in assets, is deepening its push into tokenized finance with a pair of new filings tied to blockchain-based U.S. Treasury and money-market funds. In a Friday filing with the U.S. Securities and Exchange Commission (SEC), the asset management giant proposed launching the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a new fund that invests in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries. The fund would issue "OnChain Shares" through a permissioned system connected to multiple public blockchains. Securitize Transfer Agent LLC will maintain the official ownership records for those tokenized shares. According to the filing, the transfer agent will use a permissioned framework tied to public blockchain networks, while maintaining offchain records linking wallet addresses to investor identities. The filing did not disclose which blockchains the fund will initially support. Investors would face a $3 million minimum investment. Separately, BlackRock also filed paperwork to create an onchain share class for its BlackRock Select Treasury Based Liquidity Fund, a traditional money-market fund with nearly $7 billion in assets under management. That filing outlined how the fund’s transfer agent, BNY Mellon Investment Servicing, would maintain official ownership records on Ethereum using ERC-20 token standards. Blockchain records, combined with offchain identity systems linking wallets to investors, would serve as the official shareholder registry. The filings deepen BlackRock’s push into tokenized finance, one of the fastest-growing areas of digital assets. Tokenization refers to creating blockchain-based representations of traditional financial assets such as funds, bonds or equities. Advocates say the technology can speed up settlement, enable round-the-clock trading and improve transparency. The tokenized real-world asset market has grown more than 200% over the past year and now exceeds $30 billion, according to rwa.xyz data. A report by Boston Consulting Group and Ripple projected the market could reach $18.9 trillion by 2033. BlackRock CEO Larry Fink has repeatedly backed tokenization as a way to modernize financial infrastructure. In 2024, the firm launched its first tokenized money-market fund, BUIDL, with Securitize (CEPT). The fund has since grown to roughly $2.5 billion in assets and is increasingly used across crypto markets as collateral for borrowing and leveraged trading. More For You Lagarde warned that large stablecoins like Tether and USDC, which now dominate a $310 billion market, pose financial stability risks and could transmit stress to underlying asset markets during periods of turmoil. What to know: - European Central Bank President Christine Lagarde argued that Europe should prioritize building tokenized settlement infrastructure anchored in central bank money rather than promoting privately issued euro-pegged stablecoins. - Lagarde warned that large stablecoins like Tether and USDC, which now dominate a $310 billion market, pose financial stability risks and could transmit...

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