BlackRock expands on-chain lineup with tokenized money

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BlackRock launches tokenized money funds

Highlights

BlackRock is preparing two tokenized money market funds.
One product is linked to a $6.1 billion fund and is expected to operate on Ethereum.
The second fund targets investors using stablecoins and crypto wallets.
BUIDL has already shown demand for tokenized Treasury products, reaching about $2.5 billion.

What BlackRock filed

BlackRock has filed documents for two tokenized money market products.

According to Bloomberg, the first is a digital share class tied to the BlackRock Select Treasury Based Liquidity Fund, a roughly $6.1 billion vehicle that invests in cash, U.S. Treasury bills, notes, and other short-term securities with maturities of 93 days or less. The tokenized shares are expected to be available on Ethereum and operate alongside the fund’s existing traditional share classes.

The second product, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, is a new tokenized fund. SEC filings show that it includes an OnChain share class. The fund is aimed at investors who manage money through crypto wallets and stablecoins rather than conventional brokerage accounts.

Why stablecoins matter

Stablecoins are increasingly used as a digital version of the U.S. dollar in crypto trading, payments, and DeFi. But issuers and large holders need reserve instruments that are liquid, regulated, and backed by short-term Treasury exposure.

That is where BlackRock sees an opening. As U.S. stablecoin regulation moves forward, demand may grow for reserve products that are both conservative and compatible with on-chain settlement. For investors, this means dollar liquidity could be held in a format more closely aligned with crypto markets, with faster settlement and near round-the-clock access.

BlackRock has already tested this model with BUIDL, its tokenized money market fund launched in 2024. The fund is now worth about $2.5 billion and has become one of the largest institutional products in the tokenized Treasury market.

Tokenization moves beyond experiments

Tokenization of traditional assets is no longer a narrow crypto-market theme. The market for tokenized real-world assets has grown from about $5.8 billion at the start of 2025 to more than $30 billion by late April 2026, according to industry trackers.

For BlackRock, the new funds could help it capture a larger role in the emerging market for stablecoin reserves. For the crypto industry, the filing is another sign that major financial institutions are building not only ETFs tied to digital assets but also infrastructure for moving dollar liquidity on blockchains.

The next question is how quickly these products move from filings and pilots into daily use. If demand from stablecoin issuers and institutional clients holds up, tokenized money market funds could become one of the main bridges between Wall Street and crypto markets.

It was earlier reported that BlackRock introduced an ETH staking ETF with a new yield feature.

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