BlackRock submitted two SEC filings on May 9, 2026, seeking approval to launch tokenized share classes for money market funds representing approximately $10 billion in combined assets. The first filing proposes a new fund — the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle — designed ex...
"Every asset — every stock, every bond, every fund, every ticket — can be tokenized. If they are, it will revolutionize investing." — Larry Fink, CEO, BlackRock (2026 Annual Chairman's Letter)
BlackRock submitted two SEC filings on May 9, 2026, seeking approval to launch tokenized share classes for money market funds representing approximately $10 billion in combined assets. The first filing proposes a new fund — the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle — designed explicitly as a reserve asset for stablecoin issuers. The second proposes "OnChain Shares" for the existing $6.1 billion BlackRock Select Treasury Based Liquidity Fund (BSTBL), with BNY Mellon maintaining shareholder records on Ethereum via ERC-20 tokens.
These filings land as the tokenized money market fund sector reaches $9 billion in AUM (per BIS Bulletin No. 115), the broader on-chain RWA market crosses $20 billion, and the U.S. Senate prepares to mark up the CLARITY Act on May 14. If approved, BlackRock's products would represent the largest single-issuer expansion of tokenized fund offerings to date, and would position tokenized Treasuries as eligible reserve assets under pending stablecoin legislation.
On May 9, 2026, BlackRock submitted two separate filings to the U.S. Securities and Exchange Commission:
Filing 1: BlackRock Daily Reinvestment Stablecoin Reserve Vehicle
Filing 2: BlackRock Select Treasury Based Liquidity Fund (BSTBL) OnChain Shares
Neither product has received SEC approval as of May 11, 2026.
The two filings represent distinct use cases within BlackRock's tokenization strategy.
The Stablecoin Reserve Vehicle targets a specific gap in the market: stablecoin issuers currently hold approximately $120 billion in reserves, predominantly in traditional bank accounts and direct Treasury holdings. Under the proposed GENIUS Act framework, tokenized money market funds could qualify as eligible reserve assets, allowing issuers like Circle, Tether, and Paxos to earn yield on reserves while maintaining on-chain transparency. The $3 million minimum entry reflects an institutional-only structure.
The BSTBL OnChain Shares represent a different approach — retrofitting an existing, large-scale money market fund with a tokenized share class. BNY Mellon, the world's largest custodian bank with $52.1 trillion in assets under custody, would maintain shareholder records using Ethereum's ERC-20 standard. This is notable because it makes BNY Mellon effectively an on-chain registrar for a $6.1 billion fund, bridging traditional transfer agency functions with blockchain infrastructure.
Both products share a common architecture: permissioned issuance on public Ethereum, KYC/AML compliance via off-chain identity verification linked to wallet addresses, and daily NAV calculations pegged at $1.00 per share.
BlackRock's two new filings build on its existing tokenized fund, the USD Institutional Digital Liquidity Fund (BUIDL), launched in March 2024 with Securitize. Key metrics:
BUIDL's expansion path — from a single-chain Ethereum product in 2024 to nine chains by 2026 — demonstrates BlackRock's thesis that institutional tokenized products require multichain availability. The new filings suggest BlackRock intends to replicate this pattern: launch on Ethereum, then expand.
Both OKX and Binance now accept BUIDL as eligible collateral for trading, a development that positions tokenized money market funds as infrastructure rather than standalone investment products.
The filings arrive at an inflection point for tokenized real-world assets:
| Metric | Value | Source | |--------|-------|--------| | Total on-chain RWA value | $20+ billion | RWA.xyz (May 2026) | | Tokenized U.S. Treasuries | $14–15 billion | RWA.xyz (May 2026) | | Tokenized MMF sector | ~$9 billion | BIS Bulletin No. 115 | | Growth (18 months) | 600%+ in tokenized Treasuries | RWA.xyz | | Ethereum share of tokenized Treasuries | ~$8 billion (57%) | RWA.xyz | | Institutional tokenized fund pipeline | 40+ products in SEC review | Bernstein Research (Q2 2026) | | Projected pipeline value | $15–25 billion | Bernstein Research |
The growth trajectory is clear: total on-chain RWA value grew from approximately $5 billion in early 2024 to over $20 billion by May 2026. Tokenized U.S. Treasuries alone expanded from roughly $1 billion in mid-2023 to $14 billion in 30 months.
According to Bernstein Research, more than 40 institutional tokenized fund products are currently in SEC pre-registration or registration review as of Q2 2026, representing a potential $15–25 billion pipeline.
Three concurrent regulatory threads shape the commercial viability of BlackRock's filings:
1. CLARITY Act (Senate markup: May 14, 2026) The bill establishes market structure rules for digital assets, including yield restrictions on stablecoins. A May 4 compromise allows crypto firms to offer rewards tied to stablecoin usage and activity but prohibits yield on idle balances. This creates demand for yield-bearing alternatives — precisely what tokenized money market funds provide.
2. GENIUS Act (Stablecoin framework) The proposed framework allows tokenized fund shares as eligible reserve assets for stablecoin issuers, though BlackRock has pushed back on a proposed 20% cap on tokenized reserve assets, arguing it could undermine liquidity and adoption. The OCC is developing implementation rules.
3. CFTC Collateral Guidance The Commodity Futures Trading Commission has recommended tokenized money market funds as eligible margin collateral. If approved across clearing and settlement rulebooks, tokenized MMFs would evolve from cash-parking instruments into core institutional infrastructure.
The White House has targeted July 4, 2026, for a presidential signature on the CLARITY Act.
BlackRock's filings intensify an already crowded race:
| Issuer | Product | AUM | Chains | |--------|---------|-----|--------| | BlackRock/Securitize | BUIDL | ~$2.5B | 9 | | Circle | USYC | ~$2.9B | Multiple | | Franklin Templeton | BENJI | ~$844M | 3 | | Ondo Finance | OUSG | ~$500M | Multiple | | Hashnote | USYC | — | Ethereum |
Circle's USYC has taken the top position in tokenized Treasuries with approximately $2.9 billion, overtaking BUIDL. Franklin Templeton partnered with Ondo Finance in March 2026 to tokenize five ETFs for 24/7 trading, representing approximately $1.7 trillion in AUM made available for on-chain distribution. Ondo controls roughly 70% of the tokenized equity market category.
The competitive dynamic is shifting from "who can tokenize" to "who can distribute at scale" — a function of chain availability, exchange integrations, and regulatory positioning.
The BIS Bulletin No. 115 identifies several structural risks in tokenized money market funds:
Liquidity mismatch: Tokenized shares offer daily (or near-instant) redemption, but underlying Treasury securities remain subject to traditional T+1 settlement cycles. During periods of market stress, this creates potential for redemption queues.
Contagion risk: As tokenized Treasuries become core collateral in crypto markets, their price stability becomes systemically important. A depegging event or mass redemption could cascade through DeFi protocols using these tokens as collateral.
Operational risk: Cross-chain deployment via bridge protocols (Wormhole) introduces smart contract risk. The broader DeFi bridge sector has suffered $2.5 billion in cumulative exploit losses.
Regulatory risk: Neither filing has received SEC approval. The CLARITY Act's final text, the GENIUS Act's reserve asset definitions, and the OCC's implementation rules all remain in flux. Any restrictive interpretation could limit the commercial viability of these products.
Concentration risk: BlackRock, Circle, and Franklin Templeton collectively represent over 50% of on-chain tokenized Treasury AUM. A single issuer's operational failure could impact a disproportionate share of on-chain collateral.
BlackRock's dual SEC filings represent an institutional bet that tokenized money market funds will become foundational infrastructure for both traditional finance and the crypto ecosystem. The filings are commercially rational: if tokenized fund shares qualify as stablecoin reserves and exchange collateral simultaneously, they serve two markets worth hundreds of billions in combined demand.
The outcome depends less on technology — the ERC-20 standard and permissioned issuance architecture are proven — and more on regulatory definition. Whether tokenized MMFs become core plumbing or remain a novelty depends on three votes and one rulemaking over the next 60 days.