BlackRock expanded its tokenization push on May 8, 2026, filing two new Treasury-linked products with the Securities and Exchange Commission that would bring more of the firm’s cash and short-term debt business onto blockchain rails. One filing is for the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, while the other adds an on-chain share class for the BlackRock Select Treasury Based Liquidity Fund.
The proposals matter because they move one of the world’s largest asset managers further into a market that is starting to look less like a side experiment and more like a real distribution channel for U.S. Treasury exposure. The Select Treasury Based Liquidity Fund already manages nearly $7 billion in assets, giving the new share class a large base to build on if regulators clear it.
The Daily Reinvestment Stablecoin Reserve Vehicle is designed to hold cash, short-term U.S. Treasuries and overnight repo agreements backed by Treasuries. BlackRock said it would issue OnChain Shares through a permissioned system connected to multiple public blockchains, while Securitize Transfer Agent LLC would keep the official ownership records. Off-chain systems would link wallet addresses to verified investor identities, and minimum investments are set at $3 million.
The second filing takes a different route but points in the same direction. The BSTBL on-chain share class would use the ERC-20 token standard on Ethereum, with BNY Mellon Investment Servicing serving as transfer agent. Together, the two filings show BlackRock pushing tokenization beyond a single product and into a more formal market structure, rather than treating it as a one-off pilot.
As of May 10, 2026, neither product had received regulatory approval and no launch dates had been announced. That leaves the timing in the hands of regulators, even as BlackRock widens a strategy that began with the USD Institutional Digital Liquidity Fund in March 2024. The company’s first tokenized Treasury fund, known as BUIDL, had grown to approximately $2.5 billion in assets under management by mid-May 2026.
The broader market has moved quickly around it. By mid-May 2026, the tokenized U.S. Treasury sector was estimated at around $11 billion, while the overall real-world-asset market had reached roughly $26 billion and, for the first time, surpassed total value locked on decentralized exchanges. BUIDL has also broadened its reach across Ethereum, Arbitrum, Avalanche and Polygon, offering 24/7 near-instant settlement and programmable yield features, with KYC and AML checks and qualified-access rules.
That permissioned model has also helped it fit into parts of decentralized finance that still want guardrails. Its integration with on-chain liquidity providers such as UniswapX has made it more usable for investors who want blockchain speed without giving up compliance controls. For larry fink and BlackRock, the filings suggest the next phase is not about whether tokenized Treasury products can work, but how quickly they can be folded into a regulated framework that large institutions are willing to trust.
