BlackRock Files Second Tokenized Fund with SEC

BlackRock submitted two SEC filings on May 8, 2026, outlining plans for a new tokenized Treasury reserve vehicle and an on-chain share class for an existing money-market fund — selecting Securitize as infrastructure partner for the second time in two years. The $14 trillion asset manager's latest move, reported by The Defiant's tokenized fund coverage, follows the demonstrated commercial success of its first Securitize-powered product and extends that architecture into two distinct fund structures.

The first filing covers the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a new fund targeting institutional and accredited investors with a $3 million minimum investment. Securitize Transfer Agent LLC will maintain official ownership records using a hybrid model that combines permissioned blockchain records with off-chain identity verification linking wallet addresses to investor identities. The second filing proposes to create on-chain shares for the BlackRock Select Treasury Based Liquidity Fund — formerly known as the BlackRock Liquid Federal Trust Fund — which currently holds nearly $7 billion in assets. That second structure will use ERC-20 token standards on Ethereum, with BNY Mellon Investment Servicing acting as transfer agent rather than Securitize.

The filings arrive against a backdrop of accelerating regulatory clarity. On January 28, 2026, the SEC's Divisions of Corporation Finance, Investment Management, and Trading and Markets issued a joint statement defining a tokenized security as "a financial instrument enumerated in the definition of 'security' under the federal securities laws that is formatted as or represented by a crypto asset, where the record of ownership is maintained in whole or in part on or through one or more crypto networks". That guidance, analyzed in detail by Morgan Lewis's tokenized securities analysis, gave large asset managers a clearer compliance path for structuring on-chain fund products within existing securities law frameworks.

Securitize's role in both the new stablecoin reserve vehicle and the broader BlackRock product line reflects its growing position as a preferred institutional tokenization counterparty. The firm was named the first digital transfer agent eligible to mint blockchain-native securities for corporate or ETF issuers on the NYSE-affiliated NYSE Digital Trading Platform. That designation, combined with its SEC-registered transfer agent status and broker-dealer operations, gives it the compliance infrastructure that institutional asset managers require before listing tokenized products to qualified clients.

The precedent for the current filings is BUIDL — the BlackRock USD Institutional Digital Liquidity Fund — which BlackRock and Securitize co-launched in March 2024 on Ethereum, initially with a $5 million minimum investment and a focus on short-term U.S. Treasury exposure. BUIDL has since grown to approximately $2.3 billion in assets, making it the largest tokenized Treasury fund globally. According to Crypto.news reporting on the second filing, the new applications indicate that BlackRock is treating on-chain fund structures as a repeatable product line rather than a one-off experiment.

The broader tokenized real-world asset market provides context for the pace of institutional activity. The market has grown more than 200% over the past year and now exceeds $30 billion, according to rwa.xyz data cited by CoinDesk's BlackRock tokenization report. BlackRock is not alone among major asset managers filing for on-chain fund structures in this period; JPMorgan filed for its own blockchain-based money-market fund in May 2026, designed to meet reserve requirements for stablecoin issuers under the GENIUS Act, with infrastructure operated by Kinexys Digital Assets.

Several material details remain absent from the public filings and associated reporting. Neither filing discloses a launch date, a target fund size for the new stablecoin reserve vehicle, or the specific public blockchain networks to be used by Securitize's permissioned framework beyond the Ethereum ERC-20 standard confirmed for the Select Treasury fund. The filings do not identify which stablecoin issuers or digital asset participants are expected to use the reserve vehicle as a counterparty, nor do they specify fee structures, redemption timelines, or the liquidity mechanics that would apply during periods of market stress in the underlying Treasury or repo markets.

The immediate concrete effect of the May 8 filings is that BlackRock has formally initiated the SEC registration process for two additional on-chain fund structures, with Securitize confirmed as transfer agent for the stablecoin reserve vehicle and BNY Mellon confirmed for the Select Treasury on-chain share class. The filings do not establish that either fund has launched, that investor capital has been accepted, or that the SEC has reviewed or approved either registration statement.