BlackRock is moving to expand its tokenized money market fund lineup, filing new SEC registration materials for on-chain share classes that would bring regulated cash-management products deeper into public blockchain infrastructure.
The filings, submitted on May 8, cover two related but distinct products: the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle and OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund. The documents remain subject to completion, and the securities cannot be sold until the relevant registration statements become effective.
The first product, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, is structured as a government money market fund designed around on-chain ownership and stablecoin-reserve use cases. Its investment objective is to seek current income consistent with liquidity and stability of principal, while investing 100% of assets in cash, U.S. Treasury bills, notes and other Treasury obligations with maturities of 93 days or less, as well as overnight repurchase agreements secured by Treasury instruments.
The filing states that the fund’s transfer agent, Securitize Transfer Agent, LLC, will maintain the official ownership record for OnChain Shares on public blockchains used by investors. The structure combines public blockchain records with an off-chain registry that links wallet addresses to shareholder identifying information. That architecture is central to BlackRock’s approach: the shares can exist on public chains, but participation remains permissioned.
The document describes the compliance layer in explicit terms. Permission to hold OnChain Shares is granted only to registered wallets, “sometimes referred to as ‘whitelisting’,” while smart contracts support minting, burning, transfer restrictions and clawback functions under certain circumstances. In the filing’s words, the system is designed to prevent transactions between unknown persons or unknown blockchain wallets, even though the underlying chains remain permissionless.
The stablecoin-reserve angle is also made explicit. The fund intends to operate so that its OnChain Shares will be “eligible reserve assets” for payment stablecoin issuers under the GENIUS Act, the U.S. stablecoin framework enacted in July 2025. The filing also notes that implementing standards from federal regulators had not been finalized as of the prospectus date, meaning operational or portfolio details could still be affected by future interpretations of the law.
Ethereum Mainnet Remains Central to BlackRock’s Tokenization Strategy
The second filing concerns the BlackRock Select Treasury Based Liquidity Fund, an existing BlackRock government money market fund. Its new OnChain Shares would be issued as permissioned ERC-20 tokens on Ethereum, with ownership and transfers authenticated and recorded on the public Ethereum blockchain. Unlike the multi-chain language used for the Daily Reinvestment Stablecoin Reserve Vehicle, this filing names Ethereum directly as the public blockchain for the OnChain share class.
That Ethereum-based share class is also permissioned. The filing says OnChain Shares may be purchased only by investors whose wallet addresses have been registered with and verified by the transfer agent. Transfers remain subject to wallet whitelisting and the ability to restrict, reject or freeze transfers in line with applicable requirements. Investors may also need to pay Ethereum transaction fees to execute network transactions, and the minimum initial investment is listed at $3 million for institutions.
The fund’s portfolio construction remains conventional despite the on-chain wrapper. The Select Treasury Based Liquidity Fund invests in cash, U.S. Treasury instruments with maturities of 93 days or less, and overnight repurchase agreements backed by Treasury instruments. It also maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less.
BUIDL Set the Template for BlackRock’s Tokenized Fund Push
The new filings build on BlackRock’s BUIDL product, the BlackRock USD Institutional Digital Liquidity Fund, which launched in March 2024 as BlackRock’s first tokenized fund on Ethereum in partnership with Securitize. Current RWA.xyz data lists BUIDL at approximately $2.44 billion in total asset value, a $1.00 net asset value, 101 holders and a 7-day APY of 3.44%. The same dataset shows BUIDL distributed across Ethereum, BNB Chain, Avalanche, Solana, Optimism, Arbitrum, Aptos and Polygon.
For Ethereum, the significance is straightforward: BlackRock is not merely experimenting with tokenized shares in a closed institutional database. One of the new share classes is explicitly built around Ethereum mainnet ERC-20 tokens, public transaction visibility and ETH-denominated gas fees, while still preserving the transfer-agent controls required for regulated fund ownership.
That balance reflects the core institutional tokenization model now emerging across Wall Street: public blockchain rails for transparency and settlement, combined with off-chain identity, whitelisting, smart contract restrictions and traditional fund governance. The filings do not turn money market funds into open DeFi assets. They instead show how large asset managers are adapting public-chain infrastructure for regulated, permissioned cash products.
AI Transparency Note: This article was prepared with the assistance of an AI system based on the sources listed and was reviewed, edited, and approved by a human editor before publication. All quotes, data points, and factual claims are intended to be grounded in the cited source material; however, errors cannot be ruled out entirely.
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