BlackRock Files Two Tokenized Funds, Pushing RWA Momentum

BlackRock filed two new tokenized fund applications with the U.S. Securities and Exchange Commission on May 8, 2026, adding to its BUIDL flagship and signaling a shift from pilot to product line in on-chain asset management.

The filings arrived as the broader tokenized real-world asset market cleared $19 billion and institutional demand for blockchain-native yield kept climbing.

Two Funds, Two Targets

The first application covers a new digital share class for the BlackRock Select Treasury Based Liquidity Fund (BSTBL), a traditional money-market fund with nearly $7 billion in assets. 

That filing outlined how BNY Mellon Investment Servicing would maintain official ownership records on Ethereum using ERC-20 token standards.

The tokenized shares will operate alongside the fund’s existing traditional share classes on the Ethereum blockchain. 

The second vehicle, the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a newly created fund aimed at a growing class of investors who manage finances through crypto wallets and stablecoins rather than traditional brokerages. It will launch on multiple blockchains.

The BRSRV would issue what BlackRock calls “OnChain Shares” through a framework linked to multiple public blockchains, with Securitize Transfer Agent LLC serving as the official transfer agent.

How These Filings Build On BUIDL’s Record

BlackRock and Securitize co-launched BUIDL, the BlackRock USD Institutional Digital Liquidity Fund, in March 2024 on Ethereum, initially targeting accredited investors with a $5 million minimum and a focus on short-term U.S. Treasury exposure. 

BUIDL has since grown to approximately $2.3 billion in assets, making it the largest tokenized Treasury fund globally.

The firm’s BUIDL fund now manages more than $2.5 billion across eight blockchain networks, including Ethereum, Solana, Polygon, Avalanche, Arbitrum, Optimism, BNB Chain, and Aptos.

The second filing signals that BUIDL’s success is becoming a repeatable on-chain product line, not a one-off pilot.

Neither fund has received SEC approval. Both remain in the registration process.

What The Stablecoin Push Signals For Institutions

The BRSRV is the more structurally novel of the two products. A holder of USDC in an Ethereum wallet can buy BSTBL tokens, which represent a share in the BlackRock Treasury fund, and collect yield from short-term government securities. 

Liquidity is available around the clock, settlement happens on-chain, and the yield is regulated.

BlackRock’s filings come as passage of the GENIUS Act, legislation establishing a federal framework for dollar-linked stablecoins, accelerates demand for blockchain-native reserve assets.

The broader RWA sector is moving fast. Tokenized RWAs more than tripled between the start of 2025 and March 31, 2026, climbing from $5.42 billion to $19.32 billion. 

Tokenized Treasuries remain the largest asset class and added $9 billion, or 225%, in that period.

Fink’s Public Commitment To The Model

BlackRock CEO Larry Fink has made the strategic case openly. In his 2026 annual chairman’s letter, Fink wrote that tokenization could help update the financial system by making investments “easier to issue, easier to trade, and easier to access.”

In the same letter, Fink said the firm had built “early leadership” in the space, citing nearly $150 billion in assets connected to digital markets, including $65 billion in stablecoin reserves and nearly $80 billion in digital asset exchange-traded products.

What Comes Next

The SEC has not set a review timeline for either filing. Under standard procedures, the agency has 75 days from the filing date to declare a registration statement effective or request amendments. 

That puts the earliest potential approval window around late July 2026, though no official date has been confirmed.

Franklin Templeton, Ondo Finance, and JPMorgan’s Kinexys platform are already active in adjacent tokenized-fund markets, and any SEC approval for BlackRock’s filings would intensify competition for institutional on-chain capital.