BlackRock Expands Tokenized Funds as RWA Market Surges

BlackRock submitted two filings to the U.S. Securities and Exchange Commission on May 8, 2026, proposing a new tokenized Treasury reserve fund built with Securitize and a blockchain-based share class for the BlackRock Select Treasury Based Liquidity Fund, a money-market vehicle holding nearly $7 billion in assets. Both products carry a $3 million minimum investment, restricting participation to institutional and accredited buyers.

The second filing detailed the technical architecture for the onchain share class: BNY Mellon Investment Servicing would serve as the fund's transfer agent and maintain official ownership records on Ethereum using ERC-20 token standards. That structure places record-keeping responsibility with a regulated custodian while the token itself circulates on a public blockchain — an arrangement that mirrors, but extends, the model BlackRock first deployed with BUIDL.

BlackRock, which oversees $14 trillion in assets, launched BUIDL — its first tokenized money-market fund, created with Securitize — in 2024. That fund grew to roughly $2.5 billion in assets and found traction as collateral for borrowing and leveraged trading across crypto markets. The two new filings represent the firm's most significant expansion of tokenized fund products since that launch, according to Cryptopolitan's coverage of the SEC submissions.

The filings arrived as the broader tokenized real-world asset market exceeded $30 billion, having grown more than 200% over the prior year, according to rwa.xyz data cited by CoinDesk's reporting on the filings. That market-wide expansion provides context for why BlackRock chose this moment to file: institutional demand for regulated, yield-bearing onchain instruments has grown alongside the overall market, and the new products appear designed to capture stablecoin holders seeking compliant yield exposure.

The filings do not disclose several material details. Neither document identifies a launch date, confirms SEC approval, or specifies which blockchains beyond Ethereum the new Treasury reserve fund would support. The filings also do not establish the fee structures for either product, the redemption mechanics during periods of market stress, or the haircut methodology that counterparties would apply if the tokens are used as collateral — details that proved consequential in BUIDL's secondary-market adoption.

What the May 8 filings concretely establish is that BlackRock has formally proposed two new tokenized fund structures to the SEC and that BNY Mellon Investment Servicing has been named as transfer agent for the onchain share class of the Select Treasury Based Liquidity Fund. Neither product has received regulatory approval as of May 10, 2026, no launch dates have been announced, and the filings do not identify live client mandates or confirm that any assets have been moved onto a blockchain.