BlackRock Expands Tokenized Funds as RWA Market Surges

BlackRock filed two separate regulatory submissions with the U.S. Securities and Exchange Commission on May 8, 2026, proposing to add distinct tokenized fund structures to its existing lineup — one a new vehicle investing in cash, short-term U.S. Treasury securities, and overnight repurchase agreements, the other an onchain share class layered onto an existing money-market fund already holding conventional assets. The filings, reported by CoinDesk's institutional finance desk, arrived as the broader onchain real-world asset market recorded roughly 200% year-over-year growth.

The first proposal, named the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, would issue "OnChain Shares" through a permissioned system connected to multiple public blockchains, with a minimum investment set at $3 million. The second filing seeks to attach an onchain share class to the BlackRock Select Treasury Based Liquidity Fund, a money-market vehicle with $7 billion in conventional assets, with ownership records to be maintained on Ethereum using ERC-20 token standards via transfer agent BNY Mellon Investment Servicing. Both structures rely on Securitize as the tokenization infrastructure provider, according to the SEC EDGAR filings.

The new proposals build directly on BlackRock's BUIDL fund, which launched in March 2024 and grew to approximately $2.3 billion in assets, making it the largest tokenized Treasury fund in the market at the time of the filings. Where BUIDL established a single tokenized product, the May 2026 filings indicate a shift toward a multi-product architecture — one fund targeting stablecoin reserve managers and another extending an existing institutional money-market relationship into onchain settlement rails. According to AdvisorHub's coverage of the new funds, the Select Treasury Based Liquidity Fund's conventional share classes would continue operating in parallel with the proposed onchain class.

The regulatory environment had changed considerably in the period since BUIDL's debut. The GENIUS Act, passed in July 2025, established a federal stablecoin framework in the United States, providing a legislative basis for funds that interact with stablecoin infrastructure. A proposed CLARITY Act has also sought to address jurisdictional boundaries between the SEC and the Commodity Futures Trading Commission for digital assets. BlackRock CEO Larry Fink publicly urged the SEC to approve tokenized bonds and stocks, framing tokenization as central to the firm's long-term strategy, according to LiveBitcoinNews reporting on Fink's public statements.

The onchain RWA sector that surrounds these filings has expanded at a pace that has drawn sustained institutional attention. RWA.xyz's live market tracker shows tokenized Treasuries as the dominant subcategory within the broader onchain asset universe, with private credit and commodities following. The 200% year-over-year growth figure cited in connection with the BlackRock filings aligns with aggregations reported across multiple industry sources tracking the sector through the first half of 2026. BlackRock is not alone in pursuing this market: Franklin Templeton's BENJI fund, Fidelity, JPMorgan, and Vanguard have each filed or piloted tokenized products, according to crypto.news coverage of the competitive landscape.

Several material details remain absent from the public filings. Neither submission discloses a launch date, a target assets-under-management figure, or the specific blockchains — beyond Ethereum for the Select Treasury fund — on which the Daily Reinvestment vehicle's permissioned system will operate. The filings do not identify which stablecoin issuers or reserve managers are expected to use the new vehicle, nor do they specify the fee structures for the onchain share classes. BNY Mellon's role as transfer agent is named, but the operational procedures for onchain-to-offchain reconciliation and the handling of redemption requests during periods of blockchain congestion are not addressed in the public documents reviewed by The Defiant's analysis of the SEC submissions.

The immediate concrete effect of the May 8 filings is that BlackRock has placed two tokenized fund structures before U.S. regulators for review, formally extending Securitize's role as its tokenization partner beyond BUIDL into at least two additional product types. The filings do not establish that either fund has received SEC approval, that any investor capital has been committed, or that onchain share issuance under either structure has begun.