BlackRock Files for Two New Tokenized Funds — Including OnChain Share Class for $7B Money Market — as RWA Market Surges Past $30B

What Happened

BlackRock, the world's largest asset manager with $14 trillion in assets, filed two separate SEC documents on May 8, 2026, to expand its tokenized fund lineup:

1. New fund: BlackRock Daily Reinvestment Stablecoin Reserve Vehicle — A new fund investing in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries. The fund would issue "OnChain Shares" through a permissioned system connected to multiple public blockchains. Securitize Transfer Agent LLC will maintain official ownership records. Minimum investment: $3 million.

2. New share class: BlackRock Select Treasury Based Liquidity Fund — OnChain Shares — An onchain share class for the existing BlackRock Select Treasury Based Liquidity Fund, which holds nearly $7 billion in assets. BNY Mellon Investment Servicing would maintain official ownership records on Ethereum using ERC-20 token standards. Blockchain records combined with offchain identity systems linking wallets to investors would serve as the official shareholder registry.

Neither filing disclosed which specific blockchains the Stablecoin Reserve Vehicle would initially support. The filings are subject to completion, dated May 8, 2026.

Key Metrics

• $14 trillion — BlackRock total assets under management
• $7 billion — Assets in BlackRock Select Treasury Based Liquidity Fund (getting onchain share class)
• $2.5 billion — Assets in BlackRock's existing BUIDL tokenized money-market fund (launched 2024)
• $3 million — Minimum investment for the new Stablecoin Reserve Vehicle
• $30 billion — Total tokenized real-world asset market (up 200% YoY per rwa.xyz)
• $18.9 trillion — BCG/Ripple projected tokenized asset market by 2033
• 30 million — Shares in IREN that Nvidia can purchase at $70 (for reference)
• ERC-20 — Token standard for the $7B fund's onchain shares on Ethereum

Why It Matters

This is BlackRock's most significant tokenization move since launching BUIDL in 2024 — and it's happening in two directions simultaneously.

The Stablecoin Reserve Vehicle is a purpose-built onchain product. It's designed from the ground up for the tokenized world: cash, Treasuries, repos, all recorded on public blockchains through Securitize. This is the infrastructure layer for stablecoin-backed DeFi — a regulated, BlackRock-quality reserve asset that can serve as the backbone for onchain lending, borrowing, and payments.

But the $7 billion fund's onchain share class is arguably the bigger signal. BlackRock isn't creating a new crypto-native product — it's taking an existing, traditional, $7 billion money market fund and adding blockchain-native ownership. BNY Mellon, one of the oldest and largest custodian banks in the world, will maintain the official shareholder registry on Ethereum. That's not experimentation. That's infrastructure.

Combined, the moves suggest BlackRock is moving from "crypto pilot" to "blockchain as settlement layer." When the world's largest asset manager starts putting $7 billion traditional fund shares on Ethereum, the question isn't whether tokenization will happen — it's how fast everything else follows.

Comparison

The Bigger Picture

BlackRock CEO Larry Fink has repeatedly called tokenization the future of financial infrastructure. These filings show he's putting the firm's money — literally trillions of it — behind that vision.

The timing is not coincidental. The tokenized real-world asset market has grown 200% in a year to exceed $30 billion. The DTCC is launching its tokenized securities platform in October. Securitize and Computershare are working to bring $70 trillion in U.S. stocks on-chain. The SEC under Chair Paul Atkins has signaled support for onchain trading and blockchain settlement infrastructure. Every major piece of U.S. market infrastructure is moving toward blockchain-based settlement.

BlackRock's dual filing strategy is the clearest signal yet of how this plays out. New crypto-native products (like the Stablecoin Reserve Vehicle) will coexist with the tokenization of existing traditional products (like the $7B money market fund). The latter is where the real scale is — $7 billion in one fund, $14 trillion across the firm.

For context on the scale of what's being built: the global money market fund industry holds roughly $10 trillion. If even 10% of that eventually moves on-chain through structures like BlackRock is building, we're talking about a $1 trillion onchain money market ecosystem. BUIDL at $2.5 billion is the seed. These new filings are the irrigation system.