BlackRock files two SEC tokenized funds, one on Ethereum

BlackRock filed two applications with the U.S. Securities and Exchange Commission on Friday to create tokenized investment funds. One filing would issue blockchain-linked OnChain Shares across multiple public blockchains, and the other would record shareholder tokens on Ethereum using the ERC-20 standard.

The first filing proposes the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle. The fund would hold cash, short-term U.S. Treasury securities and overnight repurchase agreements backed by Treasuries while issuing OnChain Shares. The filing names Securitize Transfer Agent LLC as the official transfer agent. Participation would require a $3 million minimum investment, limiting the product to institutional buyers. The filing does not identify which public blockchains the product would support at launch.

The second filing covers the BlackRock Select Treasury Based Liquidity Fund, a money-market vehicle that manages roughly $7 billion. The filing expects BNY Mellon Investment Servicing to maintain shareholder records on Ethereum using the ERC-20 token standard. Under that proposal, blockchain transaction records combined with off-chain identity verification would serve as the fund’s official shareholder registry.

Both applications follow BlackRock’s earlier tokenization work that began in 2024 with the launch of BUIDL in partnership with Securitize. BUIDL has accumulated about $2.5 billion in assets and has been used as collateral and in leveraged trading across crypto markets, increasing institutional demand for on-chain products.

The filings come while the tokenized real-world asset market has grown to more than $30 billion in total value, having roughly tripled over the past year. Tokenized U.S. Treasuries reached about $14 billion as of May 2026, with Ethereum holding over half of that market at roughly $8 billion. A projection from Boston Consulting Group and Ripple estimates tokenized assets could scale to $18.9 trillion by 2033. BlackRock manages about $14 trillion globally and has argued that blockchain-based settlement can shorten settlement cycles, enable 24/7 trading and increase transparency in capital markets.

Neither filing has received SEC approval and no launch dates have been announced. Regulators, asset managers and crypto firms are monitoring the applications for further developments.